Jamaica, Virginia Property Taxes
The median property tax rate in Jamaica, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $295,700 in Jamaica, the typical annual property tax bill is $1,759, which is well below the national median of $2,690. Property taxes in Jamaica are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Jamaica'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 Jamaica or another part of Middlesex County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jamaica, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,804
$1,674
Ownwell’s Jamaica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamaica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamaica 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 Jamaica, Virginia
Property taxes in Jamaica, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamaica is 0.61%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Jamaica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamaica 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. Understanding how Jamaica's tax rate compares with other regions provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamaica Tax Rate
0.61%
Average Middlesex County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamaica, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23079 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Jamaica, Virginia
In Jamaica, 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 Middlesex 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 Jamaica, 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 Jamaica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 23079, with a median bill of $1,759, which is the same as the lowest median tax bill in the area.
Average Jamaica Assessed Value
$295,700
Average Middlesex County Assessed Value
$256,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamaica, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23079 | $64,500 | $144,900 | $295,700 | $399,650 | $541,300 |
Source: Ownwell
Property Tax Bills Across Jamaica, Virginia
In Jamaica, Middlesex County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $295,700, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property size, location, and improvements significantly influence the assessed value. Homeowners in Jamaica typically see tax bills ranging from $884 at the 25th percentile to $2,403 at the 75th percentile, with the 90th percentile reaching up to $3,248. These figures highlight the wide variance in property taxes within the region. Compared to the national median property tax rate of 0.99%, the tax burden in Jamaica can vary, impacting homeowners' financial planning and property affordability. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Jamaica Tax Bill
$1,759
Average Middlesex County Tax Bill
$1,538
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamaica, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23079 | $386 | $884 | $1,759 | $2,403 | $3,248 |
Source: Ownwell