Diggs, Virginia Property Taxes
The median property tax rate in Diggs, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Diggs, the typical annual property tax bill reaches $1,068, well below the national median of $2,690. Property taxes in Diggs 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 Diggs'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 Diggs 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
Diggs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,068
Ownwell’s DIGGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DIGGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DIGGS 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 Diggs, Virginia
Property taxes in Diggs, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diggs is 0.56%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Diggs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diggs 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 Diggs's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23045 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Diggs 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 Diggs 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 Diggs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23045 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Diggs, Virginia
In DIGGS, 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 DIGGS, 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 DIGGS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1068 in zip code 23045, while the lowest median tax bill is also $1068 in the same zip code.
Average Diggs Assessed Value
$190,700
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 Diggs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23045 | $43,280 | $81,100 | $190,700 | $409,700 | $615,620 |
Source: Ownwell
Property Tax Bills Across Diggs, Virginia
In DIGGS, located in Mathews County, VA, property tax bills are calculated based on the assessed value of a property. The assessment is determined by the local tax assessor, who evaluates the property's market value. Once the assessed value is established, the property tax rate, which is set by local government authorities, is applied to this value to calculate the tax bill. For homeowners in DIGGS, the median home price is $190,700. Property tax bills can vary significantly, with the 25th percentile at $454 and the 75th percentile reaching $2,294. At the higher end, the 90th percentile tax bill is $3,447. These figures highlight the range of property tax obligations homeowners might face, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, DIGGS homeowners may find their tax bills to be relatively moderate or high, depending on individual assessments. This variability underscores the importance of understanding local assessment practices and tax rates to anticipate property tax liabilities effectively.
Average Diggs Tax Bill
$1,068
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Diggs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23045 | $242 | $454 | $1,068 | $2,294 | $3,447 |
Source: Ownwell