Fort Monroe, Virginia Property Taxes
The median property tax rate in Fort Monroe, VA is 1.18%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Fort Monroe, the typical annual property tax bill reaches $246,996, exceeding the national median of $2,690. Property taxes in Fort Monroe 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 Fort Monroe'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 Fort Monroe 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
Fort Monroe, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$247,054
$229,260
Ownwell’s Fort Monroe Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Fort Monroe. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Fort Monroe to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Fort Monroe, Virginia
Property taxes in Fort Monroe, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Monroe is 1.18%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Fort Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Monroe 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 Fort Monroe's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23651 zip code has the highest median property tax rate of 1.18%, while the 23651 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Fort Monroe provides valuable insights into the varying tax landscape across Hampton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Monroe Tax Rate
1.18%
Average Hampton County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Monroe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23651 | 1.17% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Fort Monroe, Virginia
In Fort Monroe, 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 Hampton 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 Fort Monroe, 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 Fort Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $246,996, found in the 23651 zip code.
Property Tax Assessment Values Across Fort Monroe, Virginia
Source: Ownwell
$117,300
$10,527,050
$20,936,800
Average Fort Monroe Assessed Value
$20,936,800
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 Fort Monroe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23651 | $6,514,720 | $11,923,000 | $20,936,800 | $43,985,750 | $57,815,120 |
Source: Ownwell
Property Tax Bills Across Fort Monroe, Virginia
Property tax bills in Fort Monroe, located in Hampton County, VA, are calculated based on the assessed value of a property. The assessed value is determined by local government assessors who evaluate the property’s market value. This value is then multiplied by the local property tax rate to determine the annual tax bill. In Fort Monroe, the median home price is $20,936,800. Homeowners in the 25th percentile can expect a tax bill around $140,711, while those in the 75th percentile might see bills as high as $515,989. For the top 10% of properties, tax bills can reach up to $677,385. The highest and lowest median tax bills in the area are both $246,996, reflecting the uniformity in property assessments within the zip code 23651. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Fort Monroe Tax Bill
$246,996
Average Hampton County Tax Bill
$2,401
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Monroe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23651 | $76,940 | $140,711 | $246,996 | $515,989 | $677,385 |
Source: Ownwell