King William County, Virginia Property Taxes
The median property tax rate in King William County is 0.58%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in King William County, the typical annual property tax bill reaches $1,247, which is well below the national median of $2,690. Property taxes in King William County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding King William County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in the city of King William or another part of King William County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
King William County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,343
$1,246
Ownwell’s King William Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in King William with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in King William 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 King William County, Virginia
Property taxes in King William County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in King William County is 0.58%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within King William County set these rates annually, and they can vary significantly between different areas within the county. Each year, King William County 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 King William County's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Aylett has one of the higher property tax rates in Virginia at 0.58%, while the city of Aylett also boasts one of the lowest at 0.58%. Analyzing how King William County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average King William County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across King William County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aylett | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Hanover | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| King William | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Manquin | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Walkerton | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| West Point | 0.27% | 0.27% | 0.27% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across King William County, Virginia
In King William County, 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 King William 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 King William County 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 instance, the city with the highest median tax bill is Walkerton at $1,504, while West Point has the lowest at $707. 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 King William County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across King William County, Virginia
Source: Ownwell
$213,450
$237,725
$262,000
Average King William County Assessed Value
$231,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across King William County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aylett | $130,100 | $193,300 | $241,700 | $303,900 | $383,570 |
| Hanover | $72,764 | $153,600 | $222,300 | $280,500 | $358,760 |
| King William | $106,600 | $167,880 | $233,880 | $294,000 | $396,460 |
| Manquin | $122,080 | $164,300 | $233,300 | $307,850 | $431,224 |
| Walkerton | $100,360 | $172,050 | $262,000 | $352,150 | $468,760 |
| West Point | $92,000 | $149,225 | $213,450 | $289,775 | $409,090 |
Source: Ownwell
Property Tax Bills Across King William County, Virginia
In King William County, VA, property tax bills are calculated based on the assessed value of a home. The county assesses property values to determine how much homeowners owe in taxes. Factors such as the property's location, size, and market conditions influence the assessed value. For instance, the median home price in King William County is $231,500. Homeowners in King William County can expect varying tax bills depending on their property's assessed value. The tax bill at the 25th percentile is $758, while at the 75th percentile, it rises to $1,631. The 90th percentile tax bill reaches $2,178. Comparatively, the highest median tax bill in the county is $1,504 in Walkerton, whereas the lowest median tax bill is $707 in West Point. Understanding these factors is crucial for homeowners as property taxes directly impact their annual expenses. With the national median property tax rate at 0.99%, King William County's tax rates reflect local economic conditions and municipal budget requirements.
Average King William County Tax Bill
$1,247
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across King William County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aylett | $671 | $1,106 | $1,391 | $1,749 | $2,205 |
| Hanover | $353 | $816 | $1,252 | $1,600 | $1,906 |
| King William | $576 | $937 | $1,345 | $1,687 | $2,241 |
| Manquin | $641 | $943 | $1,325 | $1,777 | $2,460 |
| Walkerton | $568 | $991 | $1,504 | $2,042 | $2,719 |
| West Point | $268 | $461 | $707 | $1,187 | $1,806 |
Source: Ownwell