Hanover, Virginia Property Taxes
The median property tax rate in Hanover, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hanover, the typical annual property tax bill amounts to $1,252, which is well below the national median of $2,690. Property taxes in Hanover are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hanover's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hanover or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hanover, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,289
Ownwell’s Hanover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanover 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 Hanover, Virginia
Property taxes in Hanover, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover is 0.70%, lower than the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Hanover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanover 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 Hanover's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23005 has the highest median property tax rate of 0.70%, while zip code 23069 has the lowest median tax rate of 0.70%. Understanding how these cities compare with Hanover provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hanover Tax Rate
0.58%
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 Hanover, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23069 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Hanover, Virginia
In Hanover, 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. Assessment notices in Hanover 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. Hanover's median home price is $222,300, with the 25th percentile tax bill at $816 and the 75th percentile at $1,600. The zip code 23069 has the highest and lowest median tax bill, both at $1,252. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hanover Assessed Value
$222,300
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 Hanover, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23069 | $72,764 | $153,600 | $222,300 | $280,500 | $358,760 |
Source: Ownwell
Property Tax Bills Across Hanover, Virginia
Property tax bills in Hanover, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the Hanover County assessor's office, which evaluates the property's market value. For example, with a median home price of $222,300, the assessed value plays a crucial role in calculating the tax bill. Once the assessed value is established, the local tax rate is applied. This rate can vary, but it is crucial for determining the final tax bill. In Hanover, the tax bills can range significantly. For instance, the 25th percentile tax bill is around $816, while the 75th percentile tax bill is approximately $1,600. At the higher end, the 90th percentile tax bill reaches up to $1,906. These property tax bills impact homeowners by affecting their annual expenses. Higher tax bills can increase the cost of homeownership, potentially influencing decisions on buying or selling property. Compared to the national median property tax rate of 0.99%, Hanover's tax bills reflect the local economic conditions and property values.
Average Hanover Tax Bill
$1,252
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 Hanover, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23069 | $353 | $816 | $1,252 | $1,600 | $1,906 |
Source: Ownwell