Cape Charles, Virginia Property Taxes
The median property tax rate in Cape Charles, VA is 0.76%, 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 $192,400 in Cape Charles, the typical annual property tax bill amounts to $1,462, falling below the national median of $2,690. Property taxes in Cape Charles are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cape Charles'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 Cape Charles 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
Cape Charles, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,462
$1,357
Ownwell’s Cape Charles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape Charles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape Charles 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 Cape Charles, Virginia
Property taxes in Cape Charles, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape Charles is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Cape Charles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape Charles 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 Cape Charles's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23310 has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Cape Charles provides valuable insights into the varying tax landscape across Northampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape Charles Tax Rate
0.76%
Average Northampton County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape Charles, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23310 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cape Charles, Virginia
In Cape Charles, 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 Northampton 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 Cape Charles, 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. For instance, the median home price in Cape Charles is $192,400, with tax bills ranging from $576 at the 25th percentile to $4,415 at the 90th percentile. The zip code 23310 has the highest and lowest median tax bill at $1,462. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cape Charles Assessed Value
$192,400
Average Northampton County Assessed Value
$142,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape Charles, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23310 | $40,200 | $75,800 | $192,400 | $405,400 | $580,980 |
Source: Ownwell
Property Tax Bills Across Cape Charles, Virginia
Property tax bills in Cape Charles, Northampton County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Cape Charles face various tax bills depending on their property's value, with the median home price being $192,400. For instance, tax bills in the 25th percentile are around $576, while those in the 75th percentile can reach up to $3,081. At the higher end, the 90th percentile tax bill is approximately $4,415. The highest and lowest median tax bills in the area both stand at $1,462, indicating a level of uniformity in property tax assessment within the zip code 23310. These property tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Cape Charles' property tax rates provide a point of comparison for potential homeowners evaluating the financial implications of their property investments.
Average Cape Charles Tax Bill
$1,462
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape Charles, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23310 | $306 | $576 | $1,462 | $3,081 | $4,415 |
Source: Ownwell