Isle Of Wight County Property Taxes
The median property tax rate in Isle of Wight is 0.72%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Isle of Wight at $278,300, the typical annual property tax bill comes to $1,948, significantly below the national median of $2,690. Property taxes in Isle of Wight are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as those for primary residences and agricultural properties. Understanding Isle of Wight's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Smithfield or another part of Isle of Wight, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Isle Of Wight County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$2,004
Ownwell’s Isle of Wight Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Isle of Wight with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Isle of Wight 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 Isle Of Wight County, Virginia
Property taxes in Isle of Wight play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Isle of Wight is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Isle of Wight set these rates annually, and they can vary significantly between different areas within the county. Each year, Isle of Wight 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 Isle of Wight's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Carrsville has one of the higher property tax rates in Virginia at 0.73%, while the city of Suffolk boasts one of the lowest at 0.71%. Analyzing how Isle of Wight's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Isle Of Wight County Tax Rate
0.72%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isle Of Wight County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Battery Park | N/A | N/A | N/A | N/A | N/A |
| 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% |
| Rescue | N/A | N/A | N/A | N/A | N/A |
| Smithfield | 0.71% | 0.72% | 0.72% | 0.73% | 0.74% |
| Suffolk | 0.35% | 0.71% | 0.71% | 0.72% | 0.78% |
| Windsor | 0.71% | 0.71% | 0.73% | 0.73% | 0.75% |
| Zuni | 0.71% | 0.72% | 0.73% | 0.73% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Isle Of Wight County, Virginia
In Isle of Wight, 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 Isle of Wight 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 Isle of Wight 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. For example, the city with the highest median tax bill in the county is Carrollton at $2,273, while Franklin has the lowest median tax bill at $349. 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 Isle of Wight will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Isle Of Wight County, Virginia
Source: Ownwell
$52,550
$188,425
$324,300
Average Isle Of Wight County Assessed Value
$278,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isle Of Wight County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Battery Park | N/A | N/A | N/A | N/A | N/A |
| 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 |
| Rescue | N/A | N/A | N/A | N/A | N/A |
| Smithfield | $25,000 | $149,550 | $305,500 | $447,650 | $598,260 |
| Suffolk | $20,660 | $51,500 | $55,600 | $156,100 | $169,780 |
| Windsor | $11,080 | $71,000 | $237,100 | $350,200 | $453,100 |
| Zuni | $30,430 | $120,450 | $250,750 | $350,675 | $463,300 |
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. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Isle of Wight, factors such as the property's location, size, and any improvements or renovations can influence the assessed value. For instance, with a median home price of $278,300, homeowners can expect varying tax bills. The 25th percentile tax bill is around $604, while the 75th percentile reaches $2,937, and the 90th percentile can go up to $3,980. These figures highlight the significant range in property tax burdens within the county. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local assessments and rates impact their financial obligations. This variability can significantly affect homeowners' annual budgets and long-term financial planning.
Average Isle Of Wight County Tax Bill
$1,948
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Isle Of Wight County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Battery Park | N/A | N/A | N/A | N/A | N/A |
| 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 |
| Rescue | N/A | N/A | N/A | N/A | N/A |
| Smithfield | $105 | $923 | $2,142 | $3,154 | $4,226 |
| Suffolk | $80 | $198 | $395 | $420 | $833 |
| Windsor | $64 | $402 | $1,659 | $2,503 | $3,213 |
| Zuni | $127 | $621 | $1,760 | $2,488 | $3,312 |
Source: Ownwell