Maidens, Virginia Property Taxes
The median property tax rate in Maidens, VA 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 Maidens at $397,800, the typical annual property tax bill reaches $3,222, surpassing the national median of $2,690. Property taxes in Maidens are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Maidens' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Maidens 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
Maidens, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$3,222
$2,990
Ownwell’s Maidens Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maidens with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maidens 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 Maidens, Virginia
Property taxes in Maidens, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maidens is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Maidens set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maidens 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. Understanding how these cities compare with Maidens 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 Maidens 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 Maidens, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23102 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Maidens, Virginia
In Maidens, 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 Assessor 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 Maidens, 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 zip code 23102 has the highest median tax bill of $3,222. 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 Maidens helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maidens Assessed Value
$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 Maidens, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23102 | $144,700 | $160,200 | $397,800 | $639,300 | $831,100 |
Source: Ownwell
Property Tax Bills Across Maidens, Virginia
In Maidens, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Hanover County assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the property tax rate, set by local government authorities, is applied to this value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. For example, the median home price in Maidens is $397,800, which significantly impacts the tax bill. Homeowners in Maidens experience a range of property tax bills. The 25th percentile tax bill is $1,298, while the 75th percentile tax bill reaches $5,178. At the 90th percentile, homeowners might pay as much as $6,732. These variations can affect homeowners' financial planning and overall cost of living, making it crucial to understand how property taxes are calculated and how they might fluctuate.
Average Maidens Tax Bill
$3,222
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Maidens, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23102 | $1,172 | $1,298 | $3,222 | $5,178 | $6,732 |
Source: Ownwell