Susan, Virginia Property Taxes
The median property tax rate in Susan, 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 Susan, the typical annual property tax bill reaches $1,261, well below the national median of $2,690. Property taxes in Susan 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 Susan'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 Susan 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
Susan, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,261
$1,170
Ownwell’s Susan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Susan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Susan 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 Susan, Virginia
Property taxes in Susan, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Susan is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Susan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Susan 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 Susan's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23056 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Susan 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 Susan 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 Susan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| 23163 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Susan, Virginia
In Susan, 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. Assessment notices in Susan 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. The median home price in Susan is $225,100, with the 25th percentile tax bill at $679 and the 75th percentile tax bill at $2,237. The highest median tax bill is $1,268 in zip code 23163, while the lowest median tax bill is $1,261 in zip code 23056. Being aware of these valuation processes in Susan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Susan Assessed Value
$225,100
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 Susan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | $225,100 | $225,100 | $225,100 | $225,100 | $225,100 |
| 23163 | $69,410 | $119,900 | $226,450 | $400,225 | $580,160 |
Source: Ownwell
Property Tax Bills Across Susan, Virginia
In Susan, located in Mathews County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property’s market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Susan, the median home price is $225,100. Property tax bills can vary significantly, with the 25th percentile bill at $679 and the 75th percentile bill at $2,237. At the 90th percentile, tax bills can reach up to $3,242. These figures indicate a broad range of tax obligations, reflecting the diverse property values within the area. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Susan may find their tax bills influenced by the highest median tax bill in the region, which is $1,268 in the 23163 zip code, and the lowest at $1,261 in the 23056 zip code. This variability underscores the importance of understanding local assessments and tax rates.
Average Susan Tax Bill
$1,261
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Susan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | $1,261 | $1,261 | $1,261 | $1,261 | $1,261 |
| 23163 | $389 | $671 | $1,268 | $2,241 | $3,249 |
Source: Ownwell