Long Island, Virginia Property Taxes
The median property tax rate in Long Island, 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 Long Island, the typical annual property tax bill is $420, well below the national median of $2,690. Property taxes in Long Island are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Long Island'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 Long Island or another part of Halifax County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Long Island, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$420
$390
Ownwell’s Long Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Island 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 Long Island, Virginia
Property taxes in Long Island, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Island is 0.50%, significantly lower than the U.S. national median of 0.99%. Local government entities within Long Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long Island 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 Long Island's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24569 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Long Island provides valuable insights into the varying tax landscape across Halifax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Island 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 Long Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24569 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Long Island, Virginia
In Long Island, 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 Halifax 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 Long Island, 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. For instance, the median tax bill in Long Island is $420, with the highest and lowest median tax bills both being $420 in the 24569 zip code. 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 Long Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Long Island Assessed Value
$84,067
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 Long Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24569 | $13,462 | $50,098 | $84,067 | $111,747 | $153,027 |
Source: Ownwell
Property Tax Bills Across Long Island, Virginia
In Long Island, Halifax County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the property. Homeowners in Long Island can expect a median home price of $84,067. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property characteristics, neighborhood amenities, and recent sales data. For example, a home in the 25th percentile of tax bills might pay around $250 annually, while those in the 75th percentile could see bills around $559. The 90th percentile tax bills can reach up to $765. Understanding these tax calculations is crucial for homeowners, as property taxes can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Long Island's property tax rates offer a relatively affordable option for residents.
Average Long Island Tax Bill
$420
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24569 | $67 | $250 | $420 | $559 | $765 |
Source: Ownwell