Gwynn, Virginia Property Taxes
The median property tax rate in Gwynn, 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 Gwynn, the typical annual property tax bill reaches $1,433, significantly below the national median of $2,690. Property taxes in Gwynn 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 Gwynn'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 Gwynn 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
Gwynn, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,436
Ownwell’s Gwynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gwynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gwynn 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 Gwynn, Virginia
Property taxes in Gwynn, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gwynn is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gwynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gwynn 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 Gwynn's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23066 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Gwynn 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 Gwynn 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 Gwynn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23066 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| 23109 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Gwynn, Virginia
In Gwynn, 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 Gwynn, 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, in Gwynn, the median home price is $256,400, with tax bills varying significantly based on location. The highest median tax bill is $1,435 in zip code 23066, while the lowest is $1,002 in zip code 23109. 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 Gwynn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gwynn Assessed Value
$256,400
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 Gwynn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23066 | $109,700 | $180,350 | $256,500 | $390,100 | $550,780 |
| 23109 | $178,900 | $178,900 | $178,900 | $178,900 | $178,900 |
Source: Ownwell
Property Tax Bills Across Gwynn, Virginia
In Gwynn, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Mathews County tax assessor and reflects the market value of the property. Homeowners in Gwynn can expect their property tax bills to vary significantly, with the 25th percentile at $998 and the 75th percentile at $2,184. The highest median tax bill in the area is $1,435, found in the 23066 zip code, while the lowest is $1,002 in the 23109 zip code. These tax bills are influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Gwynn's property taxes can be relatively moderate, offering some relief to homeowners. Understanding how these factors interplay helps residents anticipate their tax liabilities and manage their finances more effectively.
Average Gwynn Tax Bill
$1,433
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Gwynn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23066 | $569 | $998 | $1,435 | $2,185 | $3,084 |
| 23109 | $1,002 | $1,002 | $1,002 | $1,002 | $1,002 |
Source: Ownwell