West Point, Virginia Property Taxes
The median property tax rate in West Point, VA is 0.67%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $249,350 in West Point, the typical annual property tax bill comes to $1,670, significantly below the national median of $2,690. Property taxes in West Point are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding West Point'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 West Point 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
West Point, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,671
$1,550
Ownwell’s West Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Point 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 West Point, Virginia
Property taxes in West Point, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in West Point is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within West Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Point 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 West Point's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23181 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 West Point 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 West Point 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 West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across West Point, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in West Point, Virginia. 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. Assessment notices in West Point 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 zip code 23181 has the highest and lowest median tax bill at $1,670. Being aware of these valuation processes in West Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average West Point Assessed Value
$249,350
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 West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | $143,160 | $189,025 | $249,350 | $298,275 | $350,100 |
Source: Ownwell
Property Tax Bills Across West Point, Virginia
In West Point, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in West Point is $249,350, which influences the tax calculations significantly. Several factors contribute to the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in West Point can expect their tax bills to vary, with the 25th percentile at $1,261 and the 75th percentile at $1,996. For those at the higher end, the 90th percentile tax bill reaches $2,322. Comparatively, the national median property tax rate is 0.99%, making West Point's property tax rates competitive within the broader market. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are well-prepared for their annual property tax bills.
Average West Point Tax Bill
$1,670
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 West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | $959 | $1,261 | $1,670 | $1,996 | $2,322 |
Source: Ownwell