Halifax, Virginia Property Taxes
The median property tax rate in Halifax, VA is 0.50%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Halifax at $96,352, the typical annual property tax bill is $482, which is well below the national median of $2,690. Property taxes in Halifax are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Halifax'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 Halifax or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Halifax, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$482
Ownwell’s Halifax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Halifax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Halifax to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Halifax, Virginia
Property taxes in Halifax, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Halifax is 0.50%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Halifax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Halifax 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 Halifax's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24558 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Halifax provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Halifax Tax Rate
0.50%
Average Halifax County Tax Rate
0.50%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Halifax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24558 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Halifax, Virginia
In Halifax, 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 local 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. 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 Halifax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24558 has the highest and lowest median tax bill, both at $482.
Average Halifax Assessed Value
$96,352
Average Halifax County Assessed Value
$82,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Halifax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24558 | $30,636 | $61,265 | $96,352 | $144,341 | $227,445 |
Source: Ownwell
Property Tax Bills Across Halifax, Virginia
In Halifax, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Halifax can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the median home price in Halifax is $96,352. Property tax bills in Halifax show a range of values. For example, those in the 25th percentile pay around $306, while those in the 75th percentile pay approximately $722. At the higher end, homeowners in the 90th percentile face tax bills of about $1,137. The median property tax bill in the 24558 zip code is $482, which provides a benchmark for comparison. These property tax bills can have a substantial impact on homeowners, affecting their monthly budgets and overall financial planning. Given that the national median property tax rate is 0.99%, Halifax homeowners experience a rate that is reflective of their local property values and assessment practices.
Average Halifax Tax Bill
$482
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Halifax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24558 | $153 | $306 | $482 | $722 | $1,137 |
Source: Ownwell