Hudgins, Virginia Property Taxes
The median property tax rate in Hudgins, 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 $257,700 in Hudgins, the typical annual property tax bill comes to $1,443, which is considerably less than the national median of $2,690. Property taxes in Hudgins are determined based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Hudgins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hudgins or another part of Mathews County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hudgins, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Hudgins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hudgins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hudgins 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 Hudgins, Virginia
Property taxes in Hudgins, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hudgins is 0.56%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hudgins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hudgins 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 Hudgins' effective property tax rate to other counties in Virginia and the national median. For comparison, the 23076 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Hudgins 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 Hudgins 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 Hudgins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23076 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Hudgins, Virginia
In Hudgins, 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 Hudgins, 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 Hudgins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $1,443, are found in the 23076 zip code.
Average Hudgins Assessed Value
$257,700
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 Hudgins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23076 | $62,100 | $153,200 | $257,700 | $434,800 | $640,480 |
Source: Ownwell
Property Tax Bills Across Hudgins, Virginia
In Hudgins, located in Mathews County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The median home price in Hudgins is $257,700. Homeowners can expect a range of tax bills based on their property's assessed value. For instance, at the 25th percentile, the tax bill is approximately $858, while at the 75th percentile, it rises to $2,435. At the 90th percentile, homeowners might see a tax bill as high as $3,587. These tax bills are influenced by various factors, including the assessed value of the property, any applicable exemptions, and the local tax rate. The highest and lowest median tax bills in Hudgins are both recorded at $1,443, indicating a relatively consistent tax rate across the area. Compared to the national median property tax rate of 0.99%, Hudgins offers a competitive rate that can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners budget more effectively and anticipate their annual property tax obligations.
Average Hudgins Tax Bill
$1,443
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hudgins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23076 | $348 | $858 | $1,443 | $2,435 | $3,587 |
Source: Ownwell