Cheriton, Virginia Property Taxes
The median property tax rate in Cheriton, VA is 0.76%, 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 in Cheriton of $97,600, the typical annual property tax bill amounts to $742, significantly less than the national median of $2,690. Property taxes in Cheriton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cheriton'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 Cheriton or another part of Northampton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cheriton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$742
Ownwell’s Cheriton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cheriton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cheriton 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 Cheriton, Virginia
Property taxes in Cheriton, Virginia, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Cheriton is 0.76%, lower than the U.S. national median of 0.99%. Local government entities within Cheriton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cheriton 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 Cheriton's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23316 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Cheriton 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 Cheriton 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 Cheriton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23316 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cheriton, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cheriton, 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 Northampton County Assessor 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 Cheriton, 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 Cheriton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $742, found in the 23316 zip code, reflecting the uniformity in property tax assessments within the area.
Average Cheriton Assessed Value
$97,600
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 Cheriton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23316 | $97,600 | $97,600 | $97,600 | $97,600 | $97,600 |
Source: Ownwell
Property Tax Bills Across Cheriton, Virginia
Property tax bills in Cheriton, Northampton County, VA, are determined by assessing the value of a property and applying the local tax rate. The assessed value is based on the market value of the home, which in Cheriton has a median home price of $97,600. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. In Cheriton, the median property tax bill is $742, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property size, location, and any improvements made to the home can influence the assessed value, thereby affecting the tax bill. For homeowners, this means that maintaining or enhancing their property could lead to changes in their annual tax obligations. However, the relatively low tax bill in this area provides some financial relief compared to other regions. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Cheriton Tax Bill
$742
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cheriton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23316 | $742 | $742 | $742 | $742 | $742 |
Source: Ownwell