Mattaponi, Virginia Property Taxes
The median property tax rate in Mattaponi, VA is 0.55%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Mattaponi at $141,400, the typical annual property tax bill reaches $778, significantly less than the national median of $2,690. Property taxes in Mattaponi are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mattaponi'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 Mattaponi 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
Mattaponi, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$778
Ownwell’s Mattaponi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mattaponi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mattaponi 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 Mattaponi, Virginia
Property taxes in Mattaponi, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mattaponi is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Mattaponi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mattaponi 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 Mattaponi's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23110 has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Mattaponi provides valuable insights into the varying tax landscape across King and Queen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mattaponi Tax Rate
0.55%
Average King And Queen County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mattaponi, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23110 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Mattaponi, Virginia
In Mattaponi, 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 King and Queen County 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 Mattaponi, 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. 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 in Mattaponi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mattaponi, the highest and lowest median tax bills are both $778, found in the zip code 23110.
Average Mattaponi Assessed Value
$141,400
Average King And Queen County Assessed Value
$136,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mattaponi, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23110 | $53,720 | $98,000 | $141,400 | $240,350 | $432,120 |
Source: Ownwell
Property Tax Bills Across Mattaponi, Virginia
In Mattaponi, property tax bills are calculated based on the assessed value of a home. The assessment is determined by the local tax assessor, who evaluates the property's market value. Homeowners in King and Queen County can expect their tax bills to vary significantly, influenced by factors such as property size, location, and market conditions. For instance, homes in the 25th percentile pay around $539 annually, while those in the 75th percentile face bills as high as $1322. The highest median tax bill in the area is $778, which is notably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be an advantage for homeowners, making the area more attractive for potential buyers. However, those in the 90th percentile might see tax bills soaring to $2377, reflecting the diverse range of property values and associated taxes within the region. Overall, understanding these factors can help homeowners better prepare for their annual tax obligations.
Average Mattaponi Tax Bill
$778
Average King And Queen County Tax Bill
$749
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mattaponi, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23110 | $295 | $539 | $778 | $1,322 | $2,377 |
Source: Ownwell