Hallieford, Virginia Property Taxes
The median property tax rate in Hallieford, 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 Hallieford at $357,200, the typical annual property tax bill reaches $2,000, falling below the national median of $2,690. Property taxes in Hallieford 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 Hallieford'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 Hallieford 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
Hallieford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$2,000
$1,856
Ownwell’s Hallieford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hallieford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hallieford 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 Hallieford, Virginia
Property taxes in Hallieford, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hallieford is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hallieford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hallieford 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 Hallieford's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23068 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Hallieford 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 Hallieford 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 Hallieford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23068 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Hallieford, Virginia
In Hallieford, 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 Hallieford, 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 Hallieford is $357,200, with tax bills ranging from $1,065 at the 25th percentile to $4,326 at the 90th percentile. 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 Hallieford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hallieford Assessed Value
$357,200
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 Hallieford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23068 | $87,640 | $190,100 | $357,200 | $514,600 | $772,560 |
Source: Ownwell
Property Tax Bills Across Hallieford, Virginia
In Hallieford, located in Mathews County, VA, property tax bills are determined based on the assessed value of a home. The local government assesses the value of each property, and this assessed value is then multiplied by the local tax rate to calculate the tax bill. Factors such as the size of the property, location, and any improvements made can influence the assessed value. For homeowners in Hallieford, the median home price stands at $357,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,065 and the 75th percentile reaching $2,882. At the 90th percentile, homeowners might see tax bills as high as $4,326. Compared to the national median property tax rate of 0.99%, the property taxes in Hallieford can be relatively moderate or high, depending on the specific property's assessed value. This variability in tax bills can impact homeowners' financial planning, making it crucial to understand how local assessments and rates apply to their property.
Average Hallieford Tax Bill
$2,000
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hallieford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23068 | $491 | $1,065 | $2,000 | $2,882 | $4,326 |
Source: Ownwell