King William, King William County, Virginia Property Taxes
The median property tax rate in King William, 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 King William at $233,880, the typical annual property tax bill amounts to $1,345, which is well below the national median of $2,690. Property taxes in King William 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 King William'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 King William 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
King William, 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
$1,357
$1,259
Ownwell’s King William Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in King William with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in King William 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 King William, King William County, Virginia
Property taxes in King William, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in King William is 0.58%, lower than the U.S. national median of 0.99%. Local government entities within King William set these rates annually, and they can vary significantly across different neighborhoods. Each year, King William 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 King William's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23086 zip code has the highest median property tax rate of 0.58%, while the 23086 zip code has the lowest median tax rate of 0.58%. Understanding how these cities compare with King William provides valuable insights into the varying tax landscape across King William County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average King William 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 King William, King William County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23086 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across King William, King William County, Virginia
In King William, 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 William County Assessor 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 King William, 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 King William helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23086 has both the highest and lowest median tax bill at $1,345, reflecting the local property tax landscape.
Property Tax Assessment Values Across King William, King William County, Virginia
Source: Ownwell
$213,450
$237,725
$262,000
Average King William Assessed Value
$233,880
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, King William County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23086 | $106,600 | $167,880 | $233,880 | $294,000 | $396,460 |
Source: Ownwell
Property Tax Bills Across King William, King William County, Virginia
In King William, VA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in King William, the median home price stands at $233,880. The tax bills can vary significantly, with the 25th percentile at $937, the 75th percentile at $1687, and the 90th percentile reaching up to $2241. The highest and lowest median tax bills in the area are both $1345, found in the 23086 zip code. These figures highlight the variability in property tax burdens, depending on the specific characteristics and assessed values of properties. Compared to the national median property tax rate of 0.99%, King William's tax rates can have a notable impact on homeowners, influencing their annual financial planning and the overall cost of homeownership in the region.
Property Tax Bills Across King William, King William County, Virginia
Source: Ownwell
$707
$1,106
$1,504
Average King William Tax Bill
$1,345
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, King William County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23086 | $576 | $937 | $1,345 | $1,687 | $2,241 |
Source: Ownwell