Ware Neck, Virginia Property Taxes
The median property tax rate in Ware Neck, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ware Neck at $394,690, the typical annual property tax bill reaches $2,301, which is below the national median of $2,690. Property taxes in Ware Neck are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ware Neck's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ware Neck or another part of Gloucester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ware Neck, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$2,289
$2,124
Ownwell’s Ware Neck Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ware Neck effortlessly. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Ware Neck to provide an accurate estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Ware Neck, Virginia
Property taxes in Ware Neck, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ware Neck is 0.58%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Ware Neck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ware Neck estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Ware Neck's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23178 zip code has the highest median property tax rate of 0.58%, while the 23178 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Ware Neck provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ware Neck Tax Rate
0.58%
Average Gloucester County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ware Neck, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23178 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Ware Neck, Virginia
In Ware Neck, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Gloucester County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Ware Neck, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Ware Neck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,301, found in zip code 23178.
Average Ware Neck Assessed Value
$394,690
Average Gloucester County Assessed Value
$281,095
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ware Neck, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23178 | $394,690 | $394,690 | $394,690 | $394,690 | $394,690 |
Source: Ownwell
Property Tax Bills Across Ware Neck, Virginia
In Ware Neck, Gloucester County, VA, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The tax rate, applied to this assessed value, determines the annual tax bill. For instance, with a median home price of $394,690, homeowners can expect a median tax bill of $2,301. This figure is consistent across the 25th, 75th, and 90th percentiles, indicating a uniform tax rate application in this area. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners may find their tax bills impacted by changes in these factors, leading to potential adjustments in their annual obligations. Compared to the national median property tax rate of 0.99%, Ware Neck's rate results in a comparable tax burden, ensuring that residents contribute fairly to local services and infrastructure. Understanding these components helps homeowners anticipate their tax responsibilities and manage their finances effectively.
Average Ware Neck Tax Bill
$2,301
Average Gloucester County Tax Bill
$1,643
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ware Neck, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23178 | $2,301 | $2,301 | $2,301 | $2,301 | $2,301 |
Source: Ownwell