Smithfield, Isle Of Wight County, Virginia Property Taxes

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

Median Smithfield, VA effective property tax rate: 0.72%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Smithfield, VA home value: $305,500
Median annual Smithfield, VA tax bill: $2,142, $258 lower than the national median property tax bill of $2,400.

How are property taxes in Isle of Wight calculated?

Property taxes in Smithfield, VA 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 Smithfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Smithfield, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Smithfield, 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

$2,200

$2,041

Ownwell’s Smithfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smithfield with just two data points.

By entering your property's estimated assessed value, our calculator applies Smithfield’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 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.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Smithfield, Isle Of Wight County, Virginia

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Smithfield’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

Smithfield, located in Isle of Wight County, boasts a property tax rate that is notably lower than the national median. This can be quite appealing for homeowners looking to save on their annual tax bill. Virginia's median property tax rate is also below the national average, making it a favorable state for property owners. Such a competitive tax rate can be a significant factor when considering property investments or relocations. Understanding these differences can empower homeowners to make informed decisions about their properties and potential savings.

Property Tax Rates Across Smithfield, 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 Smithfield Tax Rate

0.72%

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 Smithfield, Isle Of Wight County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23430	0.71%	0.72%	0.72%	0.73%	0.74%

Source: Ownwell

Property Tax Assessment Values Across Smithfield, Isle Of Wight County, Virginia

When examining property taxes in Smithfield, VA, 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 Smithfield. For example, the median home price in Smithfield is $305,500, with tax bills ranging significantly across the county. ZIP code 23430 has the highest median home price at $305,500.

Property Tax Assessment Values Across Smithfield, Isle Of Wight County, Virginia

Source: Ownwell

$52,550

$188,425

$324,300

Median Smithfield Market Value

$305,500

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 Smithfield, Isle Of Wight County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23430	$25,000	$149,550	$305,500	$447,650	$598,260

Source: Ownwell

Property Tax Bills Across Smithfield, Isle Of Wight County, Virginia

In Smithfield, Virginia, property tax bills are calculated based on the assessed value of a home, which is determined by the Isle of Wight County assessor. This assessed value is a percentage of the property's market value. The property tax rate is then applied to the assessed value to calculate the tax bill. In Smithfield, the median property tax bill is $2,142, which is slightly below the national median of $2,400. However, homeowners in the 75th and 90th percentiles face higher tax bills of $3,154 and $4,226, respectively. These figures illustrate the variability of property tax burdens across different homes. For homeowners, these taxes can represent a significant financial commitment. Fortunately, Ownwell offers services to help homeowners potentially lower their property tax bills by appealing inaccurate assessments and identifying applicable exemptions. By leveraging expert knowledge and a deep understanding of local tax regulations, Ownwell can assist homeowners in reducing their tax burden, ensuring they only pay what is fair and accurate.

Property Tax Bills Across Smithfield, Isle Of Wight County, Virginia

Source: Ownwell

$349

$1,311

$2,273

Median Smithfield Tax Bill

$2,142

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 Smithfield, Isle Of Wight County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23430	$105	$923	$2,142	$3,154	$4,226

Source: Ownwell