Manakin Sabot, Virginia Property Taxes
The median property tax rate in Manakin Sabot, VA is 0.53%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Manakin Sabot at $642,450, the typical annual property tax bill reaches $3,316, surpassing the national median of $2,690. Property taxes here 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 Manakin Sabot's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Manakin Sabot or another part of Goochland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manakin Sabot, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$3,405
Ownwell’s Manakin Sabot Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Manakin Sabot with ease. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Manakin Sabot to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more granular insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by Goochland County, forms the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Manakin Sabot, Virginia
Property taxes in Manakin Sabot, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manakin Sabot is 0.53%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Manakin Sabot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manakin Sabot 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 Manakin Sabot's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23103 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Manakin Sabot provides valuable insights into the varying tax landscape across Goochland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manakin Sabot Tax Rate
0.53%
Average Goochland County Tax Rate
0.53%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manakin Sabot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23103 | 0.49% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Manakin Sabot, Virginia
In Manakin Sabot, 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 Goochland County Appraisal District 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 Manakin Sabot, 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. For instance, the median home price in Manakin Sabot is $642,450, with tax bills ranging from $2,345 at the 25th percentile to $7,187 at the 90th percentile. The zip code 23103 has both the highest and lowest median tax bill, which is $3,316. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Manakin Sabot, Virginia
Source: Ownwell
$127,200
$483,550
$839,900
Average Manakin Sabot Assessed Value
$642,450
Average Goochland County Assessed Value
$453,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manakin Sabot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23103 | $311,150 | $475,750 | $642,450 | $942,450 | $1,447,920 |
Source: Ownwell
Property Tax Bills Across Manakin Sabot, Virginia
In Manakin Sabot, located in Goochland County, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the assessed value include the market value of the property, its size, location, and any improvements made. For instance, with a median home price of $642,450, homeowners in Manakin Sabot can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is approximately $2,345, indicating that some homeowners pay less due to lower assessed values or applicable exemptions. On the higher end, the 90th percentile tax bill reaches around $7,187, reflecting more valuable properties. This wide range illustrates the impact of property value on tax obligations. Compared to the national median property tax rate of 0.99%, the property taxes in Manakin Sabot can be substantial, affecting homeowners' financial planning and long-term investment strategies.
Average Manakin Sabot Tax Bill
$3,316
Average Goochland County Tax Bill
$2,269
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Manakin Sabot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23103 | $1,534 | $2,345 | $3,316 | $4,784 | $7,187 |
Source: Ownwell