Williamsburg, Virginia Property Taxes
The median property tax rate in Williamsburg, VA is 0.83%, 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 Williamsburg at $338,200, the typical annual property tax bill reaches $2,785, slightly below the national median of $2,690. Property taxes in Williamsburg are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Williamsburg'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 Williamsburg or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Williamsburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,807
$2,605
Ownwell’s Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsburg 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 Williamsburg, Virginia
Property taxes in Williamsburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 0.83%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23185 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Williamsburg provides valuable insights into the varying tax landscape across James City, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamsburg Tax Rate
0.83%
Average James City County Tax Rate
0.83%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23185 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
| 23188 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, Virginia
In Williamsburg, 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 local 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 Williamsburg, 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. For instance, the highest median tax bill in Williamsburg is $2,894 in the 23185 zip code, while the lowest median tax bill is $2,707 in the 23188 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Williamsburg Assessed Value
$338,200
Average James City County Assessed Value
$333,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23185 | $161,900 | $243,200 | $352,100 | $501,600 | $697,180 |
| 23188 | $186,800 | $250,000 | $329,100 | $439,000 | $555,900 |
Source: Ownwell
Property Tax Bills Across Williamsburg, Virginia
In Williamsburg, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county's property assessor. Factors such as the home's location, size, and condition play a crucial role in this assessment. For a median home price of $338,200, homeowners in Williamsburg can expect a range of tax bills. The 25th percentile tax bill is around $2,034, while the 75th percentile tax bill reaches up to $3,779. At the 90th percentile, the tax bill can be as high as $4,971. Comparatively, the highest median tax bill in the area is $2,894 in the 23185 zip code, while the lowest median tax bill is $2,707 in the 23188 zip code. Given the national median property tax rate of 0.99%, Williamsburg's property tax bills can significantly impact homeowners, varying widely based on their specific property assessments and local tax rates.
Average Williamsburg Tax Bill
$2,785
Average James City County Tax Bill
$2,739
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23185 | $1,316 | $1,991 | $2,894 | $4,135 | $5,756 |
| 23188 | $1,525 | $2,048 | $2,707 | $3,614 | $4,587 |
Source: Ownwell