Cardinal, Virginia Property Taxes
The median property tax rate in Cardinal, VA is 0.56%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Cardinal, the typical annual property tax bill reaches $1,214, which is significantly below the national median of $2,690. Property taxes in Cardinal 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 Cardinal'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 Cardinal 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
Cardinal, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,214
Ownwell’s CARDINAL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CARDINAL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CARDINAL 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 Cardinal, Virginia
Property taxes in Cardinal, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cardinal is 0.56%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Cardinal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cardinal 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 Cardinal's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23025 zip code has both the highest and lowest median property tax rate of 0.56%, illustrating the uniformity in tax rates within the area. Understanding how these cities compare with Cardinal provides valuable insights into the varying tax landscape across Mathews County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cardinal Tax Rate
0.56%
Average Mathews County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cardinal, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23025 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Cardinal, Virginia
In CARDINAL, 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 Mathews 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 CARDINAL, 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. The median home price in CARDINAL is $216,700, with tax bills ranging from $644 at the 25th percentile to $4,103 at the 90th percentile. The zip code 23025 has the highest and lowest median tax bill at $1,214. 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 CARDINAL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cardinal Assessed Value
$216,700
Average Mathews County Assessed Value
$237,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cardinal, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23025 | $56,140 | $115,050 | $216,700 | $482,700 | $732,720 |
Source: Ownwell
Property Tax Bills Across Cardinal, Virginia
Property tax bills in Cardinal, located in Mathews County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the home. For example, with a median home price of $216,700, the assessed value plays a crucial role in the final tax bill. The local tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. In Mathews County, property tax bills can vary significantly. The 25th percentile tax bill is $644, while the 75th percentile tax bill is $2,703. At the 90th percentile, homeowners may see a tax bill as high as $4,103. Understanding these factors helps homeowners anticipate their property tax obligations and budget accordingly. Comparatively, the national median property tax rate is 0.99%, making Cardinal's rates a key consideration for homeowners in the area.
Average Cardinal Tax Bill
$1,214
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cardinal, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23025 | $314 | $644 | $1,214 | $2,703 | $4,103 |
Source: Ownwell