Water View, Virginia Property Taxes
The median property tax rate in Water View, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Water View at $202,400, the typical annual property tax bill reaches $1,229, falling well below the national median of $2,690. Property taxes in Water View 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 Water View'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 Water View or another part of Middlesex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Water View, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,235
$1,146
Ownwell’s Water View Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Water View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Water View 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 Water View, Virginia
Property taxes in Water View, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Water View is 0.61%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Water View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Water View 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 Water View's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23180 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Water View 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 Water View 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 Water View, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23180 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Water View, Virginia
In WATER VIEW, 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. 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 WATER VIEW 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 23180, with a median tax bill of $1,229.
Average Water View Assessed Value
$202,400
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 Water View, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23180 | $65,690 | $125,950 | $202,400 | $318,550 | $545,500 |
Source: Ownwell
Property Tax Bills Across Water View, Virginia
In Water View, Middlesex County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Water View is $202,400. The tax rate applied to this assessed value is derived from the county's set rate, which can fluctuate based on budgetary needs and local government decisions. Homeowners in Water View can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $768, while those at the 75th percentile can reach up to $1,934, and at the 90th percentile, it can soar to $3,328. These variations highlight the impact of property values and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, Water View's property tax landscape provides a diverse range of financial responsibilities for homeowners, emphasizing the importance of understanding local tax assessments and their implications.
Average Water View Tax Bill
$1,229
Average Middlesex County Tax Bill
$1,538
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Water View, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23180 | $401 | $768 | $1,229 | $1,934 | $3,328 |
Source: Ownwell