Cobbs Creek, Virginia Property Taxes
The median property tax rate in Cobbs Creek, VA, is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $241,450 in Cobbs Creek, the typical annual property tax bill amounts to $1,352, which is well below the national median of $2,690. Property taxes in Cobbs Creek are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Grasping the intricacies of Cobbs Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial yearly savings. Whether you're in the heart of Cobbs Creek or another part of Mathews County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cobbs Creek, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,352
$1,255
Ownwell’s Cobbs Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cobbs Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cobbs Creek 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 Cobbs Creek, Virginia
Property taxes in Cobbs Creek, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cobbs Creek is 0.56%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Cobbs Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cobbs Creek 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 Cobbs Creek's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23035 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Cobbs Creek 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 Cobbs Creek 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 Cobbs Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23035 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Cobbs Creek, Virginia
In Cobbs Creek, 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 Cobbs Creek, 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. For instance, Cobbs Creek has a median home price of $241,450, with tax bills ranging from $837 at the 25th percentile to $3,432 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cobbs Creek Assessed Value
$241,450
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 Cobbs Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23035 | $65,310 | $149,500 | $241,450 | $406,450 | $612,850 |
Source: Ownwell
Property Tax Bills Across Cobbs Creek, Virginia
In Cobbs Creek, located in Mathews County, VA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Cobbs Creek, the median home price is $241,450. Property tax bills can vary significantly; the 25th percentile tax bill is $837, while the 75th percentile tax bill reaches $2,276. At the 90th percentile, homeowners might see tax bills as high as $3,432. The highest and lowest median tax bills in the area are both $1,352, indicating a level of consistency in tax assessments across different properties. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them an essential aspect of homeownership in Cobbs Creek. With the national median property tax rate at 0.99%, Cobbs Creek's rates provide a point of comparison for evaluating the local tax burden.
Average Cobbs Creek Tax Bill
$1,352
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cobbs Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23035 | $366 | $837 | $1,352 | $2,276 | $3,432 |
Source: Ownwell