Hampton County, Virginia Property Taxes
The median property tax rate in Hampton is 1.14%, which is significantly higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hampton, the typical annual property tax bill reaches $2,401, which is below the national median of $2,690. Property taxes in Hampton are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Hampton's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Hampton or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampton County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,534
$2,352
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Hampton with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Hampton to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Hampton County, Virginia
Property taxes in Hampton play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hampton is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly between different areas within the county. Each year, Hampton estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Hampton's effective property tax rate with other areas and the national median. For comparison, the city of Fort Monroe has one of the higher property tax rates in Virginia at 1.18%, while the city of Hampton boasts one of the lowest at 1.14%. Analyzing how Hampton's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Hampton County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fort Monroe | N/A | N/A | N/A | N/A | N/A |
| Hampton | 0.99% | 1.08% | 1.14% | 1.18% | 1.21% |
| Newport News | 1.04% | 1.14% | 1.15% | 1.17% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Hampton County, Virginia
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Hampton, VA. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Hampton Appraisal District. The assessed value, however, 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 in Hampton are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Hampton will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Notably, Fort Monroe has the highest median tax bill at $246,996, while Newport News has the lowest at $2,050.
Property Tax Assessment Values Across Hampton County, Virginia
Source: Ownwell
$180,000
$223,150
$266,300
Average Hampton County Assessed Value
$222,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fort Monroe | N/A | N/A | N/A | N/A | N/A |
| Hampton | $129,400 | $168,200 | $223,400 | $291,500 | $371,300 |
| Newport News | $138,620 | $161,600 | $179,900 | $205,750 | $230,660 |
Source: Ownwell
Property Tax Bills Across Hampton County, Virginia
In Hampton, 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 a percentage of the market value of the property. Homeowners in Hampton typically receive tax bills that reflect this assessed value multiplied by the local tax rate. The tax rate, when compared to the national median property tax rate of 0.99%, can significantly influence the final tax bill. Factors such as the property's location, size, and condition are considered during the assessment. For instance, the median home price in Hampton is $222,300. Homeowners in the 25th percentile can expect a tax bill around $1,801, while those in the 75th percentile might see bills up to $3,144. At the higher end, in the 90th percentile, tax bills can reach $4,019. This variation affects homeowners differently, with those in areas like Fort Monroe experiencing the highest median tax bills of $246,996, while Newport News sees the lowest at $2,050. Understanding these factors helps homeowners anticipate their property tax obligations.
Average Hampton County Tax Bill
$2,401
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fort Monroe | N/A | N/A | N/A | N/A | N/A |
| Hampton | $1,306 | $1,801 | $2,411 | $3,155 | $4,029 |
| Newport News | $1,351 | $1,816 | $2,050 | $2,318 | $2,570 |
Source: Ownwell