Providence Forge, Virginia Property Taxes
The median property tax rate in Providence Forge, VA is 0.67%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $390,100 in Providence Forge, the typical annual property tax bill is $2,564, falling below the national median of $2,690. Property taxes in Providence Forge are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Providence Forge'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 Providence Forge 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
Providence Forge, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$2,614
$2,425
Ownwell’s Providence Forge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Providence Forge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Providence Forge 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 Providence Forge, Virginia
Property taxes in Providence Forge, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Providence Forge 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 Providence Forge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Providence Forge 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 Providence Forge's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23140 has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Providence Forge 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 Providence Forge 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 Providence Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23140 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Providence Forge, Virginia
In Providence Forge, 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 Providence Forge, 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 Providence Forge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Providence Forge, zip code 23140 has both the highest and lowest median tax bills, each at $2,564. This is relatively moderate compared to the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Providence Forge, Virginia
Source: Ownwell
$249,350
$319,725
$390,100
Average Providence Forge Assessed Value
$390,100
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 Providence Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23140 | $193,480 | $276,300 | $390,100 | $470,600 | $561,180 |
Source: Ownwell
Property Tax Bills Across Providence Forge, Virginia
In Providence Forge, located in New Kent County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $390,100, which serves as a basis for determining the tax amount. Homeowners can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is $1,794, while the 75th percentile tax bill rises to $3,098. At the 90th percentile, the tax bill reaches $3,680, reflecting the upper range of property values in the region. The tax rate and assessed home value are crucial factors in determining the final tax bill. When compared to the national median property tax rate of 0.99%, homeowners in Providence Forge may find their tax bills relatively comparable, depending on their property's assessed value. These property taxes play a significant role in funding local services and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Providence Forge Tax Bill
$2,564
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 Providence Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23140 | $1,200 | $1,794 | $2,564 | $3,098 | $3,680 |
Source: Ownwell