Bumpass, Virginia Property Taxes
The median property tax rate in Bumpass, VA is 0.81%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bumpass at $360,750, the typical annual property tax bill reaches $2,922, which is higher than the national median of $2,690. Property taxes in Bumpass 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 Bumpass'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 Bumpass or another part of Hanover County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bumpass, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,922
Ownwell’s Bumpass Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bumpass with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bumpass to provide an estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the figure assigned by Hanover County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Bumpass, Virginia
Property taxes in Bumpass, Virginia, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Bumpass is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Bumpass set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bumpass 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 Bumpass's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23024 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Bumpass provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bumpass Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bumpass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23024 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Bumpass, Virginia
In Bumpass, 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 Hanover 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 Bumpass, 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 Bumpass helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 23024, with a median tax bill of $2,922.
Average Bumpass Assessed Value
$360,750
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 Bumpass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23024 | $135,730 | $247,950 | $360,750 | $547,800 | $676,640 |
Source: Ownwell
Property Tax Bills Across Bumpass, Virginia
In Bumpass, 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. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's location, size, and improvements can influence the assessed value. For a median home price of $360,750, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,008, while the 75th percentile reaches $4,437. At the 90th percentile, tax bills can climb to $5,481. The highest median tax bill in the area is $2,922, which is consistent across the zip code 23024. These tax bills can significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, the rates in Bumpass can result in higher or lower tax obligations depending on the specific assessed value and applicable tax rate.
Average Bumpass Tax Bill
$2,922
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bumpass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23024 | $1,099 | $2,008 | $2,922 | $4,437 | $5,481 |
Source: Ownwell