Manquin, Virginia Property Taxes
The median property tax rate in Manquin, 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 Manquin at $233,300, the typical annual property tax bill amounts to $1,325, well below the national median of $2,690. Property taxes in Manquin are calculated based on the tax assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Manquin'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 Manquin or another part of King William County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manquin, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,353
$1,256
Ownwell’s Manquin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manquin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manquin 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 Manquin, Virginia
Property taxes in Manquin, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manquin is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Manquin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manquin 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 Manquin's effective property tax rate to other areas in King William County and the national median. For comparison, the 23106 zip code has both the highest and lowest median property tax rate at 0.58%. Understanding how these areas compare with Manquin 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 Manquin 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 Manquin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23106 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Manquin, Virginia
In Manquin, 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 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 Manquin, 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 median home price in Manquin is $233,300, with tax bills ranging from $943 at the 25th percentile to $2,460 at the 90th percentile. The highest and lowest median tax bill in the area is $1,325 in the 23106 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Manquin Assessed Value
$233,300
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 Manquin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23106 | $122,080 | $164,300 | $233,300 | $307,850 | $431,224 |
Source: Ownwell
Property Tax Bills Across Manquin, Virginia
In Manquin, property tax bills are calculated based on the assessed value of a home, which is determined by the King William County assessor's office. This assessed value is a percentage of the property's market value, which is influenced by factors such as the home's location, size, and condition. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $233,300, homeowners in Manquin can expect varying tax bills. At the 25th percentile, the tax bill is about $943, while at the 75th percentile, it rises to approximately $1,777. For those in the 90th percentile, the tax bill can be as high as $2,460. The highest and lowest median tax bills in the area are both $1,325. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. However, they can also significantly impact homeowners' annual expenses, making it crucial for residents to understand how their tax bills are calculated and what factors contribute to the overall cost.
Average Manquin Tax Bill
$1,325
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 Manquin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23106 | $641 | $943 | $1,325 | $1,777 | $2,460 |
Source: Ownwell