North, Virginia Property Taxes
The median property tax rate in North, 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 $215,750 in North, the typical annual property tax bill amounts to $1,208, which is well below the national median of $2,690. Property taxes in North 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 North's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of North or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,208
$1,121
Ownwell’s NORTH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORTH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORTH 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 North, Virginia
Property taxes in North, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North is 0.56%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within North set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23128 has both the highest and lowest median property tax rates in the county, set at 0.56%. Understanding how these areas compare with North 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 North 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 North, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23128 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| 23138 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across North, Virginia
In NORTH, 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 NORTH, 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 NORTH helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $1,557 in zip code 23138, while the lowest is $1,193 in zip code 23128.
Average North Assessed Value
$215,750
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 North, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23128 | $40,580 | $93,500 | $213,000 | $392,900 | $556,240 |
| 23138 | $278,000 | $278,000 | $278,000 | $278,000 | $278,000 |
Source: Ownwell
Property Tax Bills Across North, Virginia
In North, Mathews County, VA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates various factors such as the property's size, location, and condition. Homeowners in North can expect their tax bills to vary significantly depending on these assessments. For instance, the 25th percentile tax bill is around $524, while the 75th percentile tax bill reaches approximately $2,197, and the 90th percentile tax bill can go up to $3,113. The median home price in Mathews County stands at $215,750, which influences the overall property tax burden. When compared to the national median property tax rate of 0.99%, North's property tax bills can be relatively high, especially in certain zip codes. For example, the highest median tax bill in the area is $1,557 in zip code 23138, while the lowest is $1,193 in zip code 23128. These variations can significantly impact homeowners' annual expenses, making it essential to understand how local property taxes are calculated and how they affect your budget.
Average North Tax Bill
$1,208
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23128 | $227 | $524 | $1,193 | $2,200 | $3,115 |
| 23138 | $1,557 | $1,557 | $1,557 | $1,557 | $1,557 |
Source: Ownwell