Hanover County, Virginia Property Taxes
The median property tax rate in Hanover County is 0.81%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hanover County at $334,500, the typical annual property tax bill reaches $2,727, which is slightly above the national median of $2,690. Property taxes in Hanover County 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 Hanover County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Ashland or another part of Hanover County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hanover County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,709
$2,514
Ownwell’s Hanover Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hanover with just two data points. By entering your property's estimated assessed value, our calculator applies the median tax rate in Hanover to provide an accurate estimate of your property tax bill. This tool offers valuable insights into your potential tax liabilities. For those interested in more localized trends, you can navigate to our city-level informational pages. Your property's assessed value is determined by the county for tax purposes and includes any applicable exemptions. Understanding these details helps you make informed financial decisions.
Property Tax Rates Across Hanover County, Virginia
Property taxes in Hanover play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hanover is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Hanover set these rates annually, and they can vary significantly between different areas within the county. Each year, Hanover 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 Hanover's effective property tax rate with other counties and the national median. For comparison, the city of Ashland has one of the higher property tax rates in Virginia at 0.81%. Analyzing how Hanover's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanover County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ashland | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Beaverdam | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Bumpass | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Doswell | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Glen Allen | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Hanover | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Maidens | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Manakin Sabot | N/A | N/A | N/A | N/A | N/A |
| Mechanicsville | 0.81% | 0.81% | 0.81% | 0.81% | 0.82% |
| Montpelier | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| New Kent | N/A | N/A | N/A | N/A | N/A |
| Oilville | N/A | N/A | N/A | N/A | N/A |
| Rockville | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Ruther Glen | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| Studley | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Hanover County, Virginia
In Hanover, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. 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 Hanover 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 Hanover 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 Hanover will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Manakin Sabot has the highest median tax bill at $5,934, while Studley has the lowest at $1,296.
Property Tax Assessment Values Across Hanover County, Virginia
Source: Ownwell
$281,600
$339,700
$397,800
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hanover County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ashland | $86,870 | $205,750 | $304,550 | $464,300 | $618,900 |
| Beaverdam | $70,540 | $132,400 | $293,500 | $443,150 | $570,360 |
| Bumpass | $135,730 | $247,950 | $360,750 | $547,800 | $676,640 |
| Doswell | $68,700 | $165,550 | $309,550 | $468,350 | $651,100 |
| Glen Allen | $88,720 | $212,600 | $380,900 | $502,000 | $756,200 |
| Hanover | $65,140 | $218,700 | $333,500 | $495,200 | $665,740 |
| Maidens | $144,700 | $160,200 | $397,800 | $639,300 | $831,100 |
| Manakin Sabot | N/A | N/A | N/A | N/A | N/A |
| Mechanicsville | $212,200 | $268,775 | $336,600 | $422,225 | $527,040 |
| Montpelier | $106,700 | $186,500 | $333,000 | $493,200 | $667,220 |
| New Kent | N/A | N/A | N/A | N/A | N/A |
| Oilville | N/A | N/A | N/A | N/A | N/A |
| Rockville | $95,000 | $237,350 | $397,800 | $559,050 | $808,580 |
| Ruther Glen | $69,460 | $168,800 | $281,600 | $406,700 | $536,420 |
| Studley | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Hanover County, Virginia
In Hanover County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the county's property tax rate to determine the annual tax bill. Factors such as the home's location, size, and market conditions are considered during the assessment process. Homeowners in Hanover County experience a range of property tax bills. For instance, the tax bill at the 25th percentile is around $2,070, while at the 75th percentile, it reaches approximately $3,582. Those in the 90th percentile face a tax bill of about $4,669. Hanover County's property tax rates can be compared to the national median property tax rate of 0.99%. The highest median tax bill in the county is found in Manakin Sabot at $5,934, whereas Studley has the lowest median tax bill at $1,296. These variations significantly affect homeowners' financial planning and budgeting, making it essential to understand how property taxes are calculated and their potential impact.
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanover County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ashland | $775 | $1,712 | $2,489 | $3,789 | $5,022 |
| Beaverdam | $576 | $1,078 | $2,384 | $3,597 | $4,621 |
| Bumpass | $1,099 | $2,008 | $2,922 | $4,437 | $5,481 |
| Doswell | $554 | $1,346 | $2,512 | $3,794 | $5,279 |
| Glen Allen | $770 | $1,877 | $3,118 | $4,111 | $6,185 |
| Hanover | $585 | $1,778 | $2,702 | $4,013 | $5,393 |
| Maidens | $1,172 | $1,298 | $3,222 | $5,178 | $6,732 |
| Manakin Sabot | N/A | N/A | N/A | N/A | N/A |
| Mechanicsville | $1,784 | $2,193 | $2,746 | $3,444 | $4,290 |
| Montpelier | $874 | $1,516 | $2,700 | $3,999 | $5,405 |
| New Kent | N/A | N/A | N/A | N/A | N/A |
| Oilville | N/A | N/A | N/A | N/A | N/A |
| Rockville | $808 | $1,975 | $3,235 | $4,535 | $6,572 |
| Ruther Glen | $563 | $1,367 | $2,281 | $3,294 | $4,345 |
| Studley | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell