Mathews, Virginia Property Taxes
The median property tax rate in Mathews, 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 $238,800 in Mathews, the typical annual property tax bill amounts to $1,337, which is well below the national median of $2,690. Property taxes in Mathews are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Mathews' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mathews or another part of the county, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mathews, 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 Mathews Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mathews with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mathews 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 Mathews, Virginia
Property taxes in Mathews, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mathews is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Mathews set these rates annually, and they can vary across different neighborhoods. Each year, Mathews 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 Mathews' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23109 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 areas compare with Mathews 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 Mathews 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 Mathews, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23109 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Mathews, Virginia
In Mathews, 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 local authorities 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 Mathews, 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 Mathews helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Mathews is $238,800, with tax bills ranging significantly. The 25th percentile tax bill is $874, while the 75th percentile tax bill reaches $2,411. The highest and lowest median tax bills are both $1,337, found in the 23109 zip code.
Average Mathews Assessed Value
$238,800
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 Mathews, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23109 | $77,750 | $156,075 | $238,800 | $430,475 | $669,710 |
Source: Ownwell
Property Tax Bills Across Mathews, Virginia
In Mathews, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, if a home is assessed at the median home price of $238,800, the tax bill can vary significantly. Homeowners in Mathews can expect their property tax bills to range widely. At the 25th percentile, the tax bill is approximately $874, while at the 75th percentile, it rises to around $2,411. For those at the 90th percentile, the tax bill can reach up to $3,750. This variability in tax bills is influenced by several factors, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Mathews offers a diverse range of tax obligations, affecting homeowners differently based on their property's assessed value.
Average Mathews Tax Bill
$1,337
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mathews, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23109 | $435 | $874 | $1,337 | $2,411 | $3,750 |
Source: Ownwell