Port Haywood, Virginia Property Taxes
The median property tax rate in Port Haywood, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Port Haywood, the typical annual property tax bill reaches $1,388, well below the national median of $2,690. Property taxes in Port Haywood 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 Port Haywood'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 Port Haywood or another part of Mathews County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Port Haywood, 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 Port Haywood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Haywood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Haywood 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 Port Haywood, Virginia
Property taxes in Port Haywood, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Haywood is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Port Haywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Haywood 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 Port Haywood's effective property tax rate to other counties in Virginia and the national median. For comparison, ZIP code 23138 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 cities compare with Port Haywood 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 Port Haywood 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 Port Haywood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23138 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Port Haywood, Virginia
In Port Haywood, 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 Assessment Office 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 Port Haywood, 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 Port Haywood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1388, found in the 23138 zip code.
Average Port Haywood Assessed Value
$247,800
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 Port Haywood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23138 | $61,020 | $136,200 | $247,800 | $411,900 | $565,480 |
Source: Ownwell
Property Tax Bills Across Port Haywood, Virginia
In Port Haywood, located in Mathews County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $247,800. Tax authorities determine the assessed value, which is then multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Port Haywood, the property tax bills range significantly. At the 25th percentile, the tax bill is $763, while at the 75th percentile, it rises to $2,307, and at the 90th percentile, it reaches $3,167. These tax bills are influenced by factors such as property size, location, and condition. For instance, the highest median tax bill in the area is $1,388, which is the same across all zip codes in Mathews County. Compared to the national median property tax rate of 0.99%, Port Haywood’s tax rates can have a varying impact on homeowners, making it essential for residents to understand how these factors affect their annual obligations.
Average Port Haywood Tax Bill
$1,388
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Haywood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23138 | $342 | $763 | $1,388 | $2,307 | $3,167 |
Source: Ownwell