Machipongo, Virginia Property Taxes
The median property tax rate in Machipongo, 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 the median home value in Machipongo at $223,000, the typical annual property tax bill amounts to $1,695, well below the national median of $2,690. Property taxes in Machipongo are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Machipongo's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Machipongo or another part of Northampton County, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Machipongo, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,695
Ownwell’s Machipongo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Machipongo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Machipongo 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 Machipongo, Virginia
Property taxes in Machipongo, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Machipongo is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Machipongo set these rates annually, and they can vary across different neighborhoods. Each year, Machipongo 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 Machipongo's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23405 has the highest median property tax rate of 0.76%, while the lowest median tax rate is also 0.76% in the same zip code. Understanding how these areas compare with Machipongo 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 Machipongo 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 Machipongo, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23405 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Machipongo, Virginia
In Machipongo, 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 Machipongo, 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 Machipongo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,695 in zip code 23405, while the lowest median tax bill is also $1,695 in the same zip code.
Average Machipongo Assessed Value
$223,000
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 Machipongo, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23405 | $40,580 | $83,350 | $223,000 | $368,800 | $589,900 |
Source: Ownwell
Property Tax Bills Across Machipongo, Virginia
In Machipongo, 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 local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $223,000, homeowners can expect their tax bill to vary significantly. At the 25th percentile, the tax bill is around $633, while at the 75th percentile, it can rise to approximately $2,803. For those at the 90th percentile, the tax bill can reach up to $4,483. These variations highlight how property value and local tax rates directly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, homeowners in Machipongo experience a range of tax burdens, reflecting the diverse property values within the area. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Machipongo Tax Bill
$1,695
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Machipongo, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23405 | $308 | $633 | $1,695 | $2,803 | $4,483 |
Source: Ownwell