Grimstead, Virginia Property Taxes
The median property tax rate in Grimstead, 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 $236,350 in Grimstead, the typical annual property tax bill amounts to $1,324, which is well below the national median of $2,690. Property taxes in Grimstead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grimstead'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 Grimstead 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
Grimstead, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,324
Ownwell’s Grimstead Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating their annual property taxes in Grimstead with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Grimstead to provide an estimate of your property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, which includes any applicable exemptions.
Property Tax Rates Across Grimstead, Virginia
Property taxes in Grimstead, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grimstead is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Grimstead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grimstead 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 Grimstead's effective property tax rate to other areas in Mathews County and the national median. For comparison, the 23064 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Grimstead 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 Grimstead 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 Grimstead, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23064 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Grimstead, Virginia
In Grimstead, 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 Grimstead, 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 Grimstead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Grimstead is 23064, with a median tax bill of $1,324.
Average Grimstead Assessed Value
$236,350
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 Grimstead, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23064 | $68,500 | $134,125 | $236,350 | $372,350 | $525,700 |
Source: Ownwell
Property Tax Bills Across Grimstead, Virginia
In Grimstead, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Mathews County. The assessed value is determined by the county's tax assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Grimstead experience a range of property tax bills. For instance, the 25th percentile tax bill is $751, while the 75th percentile reaches $2085, and the 90th percentile goes up to $2944. The median home price in Grimstead is $236,350, which provides a context for these tax bills. Compared to the national median property tax rate of 0.99%, Grimstead’s property tax rate is designed to reflect local economic conditions and public service needs. These taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Grimstead residents.
Average Grimstead Tax Bill
$1,324
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Grimstead, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23064 | $384 | $751 | $1,324 | $2,085 | $2,944 |
Source: Ownwell