Manakin Sabot, Virginia Property Taxes
The median property tax rate in Manakin Sabot, 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 Manakin Sabot at $732,600, the typical annual property tax bill reaches $5,934, significantly higher than the national median of $2,690. Property taxes in Manakin Sabot are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Manakin Sabot'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 Manakin Sabot 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
Manakin Sabot, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$5,934
$5,507
Ownwell’s Manakin Sabot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manakin Sabot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manakin Sabot 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 Manakin Sabot, Virginia
Property taxes in Manakin Sabot, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manakin Sabot is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Manakin Sabot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manakin Sabot 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 Manakin Sabot's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23103 has both the highest and lowest median property tax rate in the area, standing at 0.81%. Understanding how these figures compare with Manakin Sabot 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 Manakin Sabot 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 Manakin Sabot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23103 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Manakin Sabot, Virginia
In Manakin Sabot, 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 Manakin Sabot, 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. The median home price in Manakin Sabot is $732,600, with tax bills ranging from $4,713 at the 25th percentile to $6,257 at the 90th percentile. The highest and lowest median tax bills are both $5,934 in the 23103 zip code. 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 Manakin Sabot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Manakin Sabot, Virginia
Source: Ownwell
$160,050
$446,325
$732,600
Average Manakin Sabot Assessed Value
$732,600
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 Manakin Sabot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23103 | $577,540 | $581,800 | $732,600 | $746,200 | $772,420 |
Source: Ownwell
Property Tax Bills Across Manakin Sabot, Virginia
In Manakin Sabot, Hanover County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $732,600. Homeowners' tax bills are determined by multiplying the assessed value by the local property tax rate. Factors such as property size, location, and market conditions influence the assessed value. The property tax bill can vary significantly among homeowners. For example, the 25th percentile tax bill is $4,713, while the 75th percentile tax bill is $6,044. At the 90th percentile, homeowners might see a tax bill of $6,257. These variations illustrate how different factors can affect the overall tax burden. Compared to the national median property tax rate of 0.99%, Manakin Sabot's property taxes may seem higher, reflecting the area's real estate market. For homeowners, these taxes fund local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Manakin Sabot Tax Bill
$5,934
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Manakin Sabot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23103 | $4,678 | $4,713 | $5,934 | $6,044 | $6,257 |
Source: Ownwell