Shacklefords, Virginia Property Taxes
The median property tax rate in Shacklefords, VA is 0.55%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Shacklefords at $119,400, the typical annual property tax bill amounts to $657, far below the national median of $2,690. Property taxes in Shacklefords 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 Shacklefords' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Shacklefords 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
Shacklefords, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$657
Ownwell’s Shacklefords Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shacklefords with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shacklefords 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 Shacklefords, Virginia
Property taxes in Shacklefords, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shacklefords is 0.55%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Shacklefords set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shacklefords 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 Shacklefords' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23156 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Shacklefords 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 Shacklefords 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 Shacklefords, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23156 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Shacklefords, Virginia
In Shacklefords, 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 Shacklefords, 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 the area is $657 in the 23156 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 in Shacklefords helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shacklefords Assessed Value
$119,400
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 Shacklefords, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23156 | $57,360 | $80,900 | $119,400 | $192,100 | $287,340 |
Source: Ownwell
Property Tax Bills Across Shacklefords, Virginia
In Shacklefords, King and Queen County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to compute the annual tax bill. For instance, with a median home price of $119,400, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $445, while those in the 75th percentile see bills closer to $1,057. At the 90th percentile, tax bills can reach up to $1,580. These figures illustrate the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, the tax rates in Shacklefords can be seen as relatively moderate. This variability in tax bills affects homeowners differently, influencing their financial planning and the overall affordability of homeownership in the area.
Average Shacklefords Tax Bill
$657
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 Shacklefords, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23156 | $315 | $445 | $657 | $1,057 | $1,580 |
Source: Ownwell