Hopewell County, Virginia Property Taxes
The median property tax rate in Hopewell is 1.13%, which is significantly higher than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $138,500 in Hopewell, the typical annual property tax bill reaches $1,514, surpassing the national median of $2,690. Property taxes in Hopewell 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 Hopewell's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Hopewell or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hopewell County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,565
$1,452
Ownwell’s Hopewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Hopewell with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Hopewell to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Hopewell County, Virginia
Property taxes in Hopewell play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 1.13%, which is higher than the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary significantly between different areas within the county. Each year, Hopewell 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 Hopewell's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Hopewell has one of the higher property tax rates in Virginia at 1.13%, while the city of Hopewell boasts one of the lowest at 1.13%. Analyzing how Hopewell's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Hopewell County Tax Rate
1.13%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopewell County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hopewell | 0.57% | 1.13% | 1.13% | 1.13% | 1.61% |
| North Prince George | 1.10% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell County, Virginia
In Hopewell, 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 Hopewell 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 Hopewell 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 Hopewell will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Hopewell sees a wide range of property tax bills, with North Prince George having the highest median tax bill at $2,869, while the lowest median tax bill is in Hopewell itself at $1,511. This variance highlights the importance of understanding local tax assessments and available exemptions.
Property Tax Assessment Values Across Hopewell County, Virginia
Source: Ownwell
$138,300
$196,100
$253,900
Average Hopewell County Assessed Value
$138,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopewell County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hopewell | $27,000 | $98,100 | $138,300 | $186,800 | $238,200 |
| North Prince George | $125,160 | $176,125 | $253,900 | $294,075 | $306,290 |
Source: Ownwell
Property Tax Bills Across Hopewell County, Virginia
Property tax bills in Hopewell, VA, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and home improvements. In Hopewell, the median home price stands at $138,500, which provides a baseline for calculating property taxes. For homeowners in Hopewell, tax bills can vary significantly. The 25th percentile tax bill is $981, while the 75th percentile tax bill reaches $2,132, and the 90th percentile climbs to $2,790. These variations illustrate how different factors like property value and local tax rates impact the final tax bill. Comparatively, Hopewell's property tax rates can be seen as moderate within the region. The highest median tax bill in the nearby area is $2,869 in North Prince George, while Hopewell itself has a lower end median tax bill of $1,511. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Hopewell County Tax Bill
$1,514
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopewell County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hopewell | $298 | $976 | $1,511 | $2,124 | $2,771 |
| North Prince George | $1,414 | $1,625 | $2,869 | $3,336 | $3,461 |
Source: Ownwell