Isle Of Wight County, Virginia Property Taxes

Name: Property Tax Bills Across Isle Of Wight County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Isle of Wight County effective property tax rate: 0.72%, significantly lower than the national median of 1.02%.
Median Isle of Wight County home value: $278,300
Median annual Isle of Wight County tax bill: $1,948, $452 lower than the national median property tax bill of $2,400.

How are property taxes in Isle of Wight County calculated?

Property taxes in Isle of Wight County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Smithfield or another part of Isle of Wight County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Isle Of Wight County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.72%

Estimate Property Tax Bill

$2,004

$1,859

Ownwell’s Isle of Wight County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Isle of Wight County with just two data points. By entering your property's estimated assessed value, our calculator applies Isle of Wight County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Isle of Wight County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Isle Of Wight County, Virginia

Local government entities set tax rates, which can vary widely within a state. This variation arises because each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell. In Isle of Wight County, the effective property tax rate is 0.72%, which is below the national median of 1.02%. Compared to other counties in Virginia, Isle of Wight's rate is relatively low, with Carrsville having the highest median tax rate in the region at 0.73%. Meanwhile, Franklin shares the same rate as Isle of Wight at 0.72%. This demonstrates a favorable tax environment for property owners in Isle of Wight County, as they benefit from lower tax burdens compared to many other regions across the U.S.

Property Tax Rates Across Isle Of Wight County, Virginia

Source: Ownwell

0.72%

0.73%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Isle Of Wight County Tax Rate

0.72%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Isle Of Wight County, Virginia

City	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
Carrollton	0.71%	0.72%	0.72%	0.73%	0.74%
Carrsville	0.71%	0.71%	0.73%	0.74%	0.76%
Franklin	0.71%	0.71%	0.72%	0.75%	0.79%
Ivor	0.71%	0.71%	0.73%	0.74%	0.76%
Smithfield	0.71%	0.72%	0.72%	0.73%	0.74%
Windsor	0.71%	0.71%	0.73%	0.73%	0.75%
Zuni	0.71%	0.72%	0.73%	0.73%	0.75%
Battery Park	N/A	N/A	N/A	N/A	N/A
Rescue	N/A	N/A	N/A	N/A	N/A
Suffolk	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Isle Of Wight County, Virginia

When examining property taxes in Isle of Wight County, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Isle of Wight County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Isle of Wight County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Isle of Wight County.

For example, the median tax bill in Isle of Wight County is $1,662, with tax bills ranging significantly across the county. Carrollton has the highest median home price at $324,300.

Property Tax Assessment Values Across Isle Of Wight County, Virginia

Source: Ownwell

$52,550

$188,425

$324,300

Median Isle Of Wight County Market Value

$278,300

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Isle Of Wight County, Virginia

City	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
Carrollton	$20,000	$181,100	$324,300	$457,350	$588,070
Carrsville	$7,780	$59,150	$210,900	$308,375	$421,520
Franklin	$4,000	$5,775	$52,550	$184,500	$319,110
Ivor	$17,860	$57,350	$202,800	$324,650	$446,500
Smithfield	$25,000	$149,550	$305,500	$447,650	$598,260
Windsor	$11,080	$71,000	$237,100	$350,200	$453,100
Zuni	$30,430	$120,450	$250,750	$350,675	$463,300
Battery Park	N/A	N/A	N/A	N/A	N/A
Rescue	N/A	N/A	N/A	N/A	N/A
Suffolk	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Isle Of Wight County, Virginia

In Isle of Wight 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 median home price in the county is approximately $278,300. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Isle of Wight can expect a wide range of tax bills, from the 25th percentile at $604 to the 90th percentile at $3980. While the national median property tax bill is $2400, Isle of Wight's highest median tax bill reaches $2273 in Carrollton, and the lowest median tax bill is $349 in Franklin. This variation highlights the impact of local assessments and property characteristics on tax obligations. For homeowners, understanding these factors is crucial as they directly affect the affordability and financial planning associated with homeownership in the county.

Property Tax Bills Across Isle Of Wight County, Virginia

Source: Ownwell

$349

$1,311

$2,273

Median Isle Of Wight County Tax Bill

$1,948

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Isle Of Wight County, Virginia

City	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
Carrollton	$71	$1,115	$2,273	$3,230	$4,182
Carrsville	$54	$337	$1,473	$2,202	$3,018
Franklin	$28	$43	$349	$1,215	$2,171
Ivor	$87	$364	$1,414	$2,336	$3,176
Smithfield	$105	$923	$2,142	$3,154	$4,226
Windsor	$64	$402	$1,659	$2,503	$3,213
Zuni	$127	$621	$1,760	$2,488	$3,312
Battery Park	N/A	N/A	N/A	N/A	N/A
Rescue	N/A	N/A	N/A	N/A	N/A
Suffolk	N/A	N/A	N/A	N/A	N/A

Source: Ownwell