Barhamsville, Virginia Property Taxes
The median property tax rate in Barhamsville, VA is 0.67%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Barhamsville at $327,900, the typical annual property tax bill reaches $2,194, which is below the national median of $2,690. Property taxes in Barhamsville 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 Barhamsville'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 Barhamsville or another part of New Kent County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barhamsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$2,197
$2,039
Ownwell’s Barhamsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barhamsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barhamsville 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 Barhamsville, Virginia
Property taxes in Barhamsville, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Barhamsville is 0.67%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Barhamsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barhamsville estimates its required budget to maintain services for the upcoming fiscal year and 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 Barhamsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23011 has both the highest and lowest median property tax rate of 0.67%. Understanding how these areas compare with Barhamsville provides valuable insights into the varying tax landscape across New Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barhamsville Tax Rate
0.67%
Average New Kent County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barhamsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23011 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Barhamsville, Virginia
In Barhamsville, 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 New Kent 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 Barhamsville, 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. The median home price in Barhamsville is $327,900, with tax bills ranging from $1,610 at the 25th percentile to $2,968 at the 75th percentile, and up to $3,986 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Barhamsville Assessed Value
$327,900
Average New Kent County Assessed Value
$332,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barhamsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23011 | $170,520 | $245,575 | $327,900 | $446,225 | $598,070 |
Source: Ownwell
Property Tax Bills Across Barhamsville, Virginia
In Barhamsville, located in New Kent County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the property's market value. Homeowners in Barhamsville typically face a range of property tax bills, with the 25th percentile at $1,610 and the 75th percentile at $2,968. For those at the 90th percentile, property tax bills can reach up to $3,986. Several factors influence the final tax bill, including the home's location, size, and any improvements made to the property. Comparing these figures to the national median property tax rate of 0.99%, it's evident that Barhamsville's rates are relatively moderate. However, the highest median tax bill in the area, recorded at $2,194 in the 23011 zip code, underscores the variability homeowners might experience. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Barhamsville Tax Bill
$2,194
Average New Kent County Tax Bill
$2,199
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Barhamsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23011 | $1,127 | $1,610 | $2,194 | $2,968 | $3,986 |
Source: Ownwell