Exmore, Virginia Property Taxes
The median property tax rate in Exmore, 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 $104,600 in Exmore, the typical annual property tax bill is $795, significantly below the national median of $2,690. Property taxes in Exmore are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Exmore'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 Exmore 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
Exmore, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$795
$738
Ownwell’s Exmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Exmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Exmore 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 Exmore, Virginia
Property taxes in Exmore, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Exmore is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Exmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Exmore 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 Exmore's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23350 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 cities compare with Exmore 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 Exmore 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 Exmore, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23350 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Exmore, Virginia
In Exmore, 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 Exmore, 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 Exmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 23350 has both the highest and lowest median tax bill of $795. This contrasts with national trends, where the median property tax rate is 0.99%. By staying informed, homeowners can take proactive steps to ensure fair property tax assessments.
Average Exmore Assessed Value
$104,600
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 Exmore, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23350 | $32,670 | $58,775 | $104,600 | $210,750 | $396,730 |
Source: Ownwell
Property Tax Bills Across Exmore, Virginia
In Exmore, Northampton County, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners then multiply this assessed value by the local tax rate to determine their annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Exmore is $104,600. Property tax bills in the area can vary significantly, with the 25th percentile at $447 and the 75th percentile reaching $1,602, while the 90th percentile can go up to $3,015. Comparatively, the highest and lowest median tax bills in the area are both $795, reflecting a consistent tax rate across different properties. These property taxes fund essential community services like public schools, infrastructure, and emergency services, directly impacting homeowners and the quality of life in Exmore.
Average Exmore Tax Bill
$795
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Exmore, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23350 | $248 | $447 | $795 | $1,602 | $3,015 |
Source: Ownwell