Willis Wharf, Virginia Property Taxes
The median property tax rate in Willis Wharf, 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 of $177,900 in Willis Wharf, the typical annual property tax bill amounts to $1,352, significantly below the national median of $2,690. Property taxes in Willis Wharf are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Willis Wharf'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 Willis Wharf or another part of Northampton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Willis Wharf, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,352
$1,255
Ownwell’s Willis Wharf Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willis Wharf with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willis Wharf 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 Willis Wharf, Virginia
Property taxes in Willis Wharf, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willis Wharf is 0.76%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Willis Wharf set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willis Wharf 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 Willis Wharf's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23486 has both the highest and lowest median property tax rate in the area at 0.76%. Understanding how these cities compare with Willis Wharf 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 Willis Wharf 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 Willis Wharf, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23486 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Willis Wharf, Virginia
In Willis Wharf, 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 Willis Wharf, 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 Willis Wharf helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Willis Wharf are both $1,352, specifically in the 23486 zip code.
Average Willis Wharf Assessed Value
$177,900
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 Willis Wharf, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23486 | $177,900 | $177,900 | $177,900 | $177,900 | $177,900 |
Source: Ownwell
Property Tax Bills Across Willis Wharf, Virginia
In Willis Wharf, Northampton County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to calculate the tax bill. For homeowners in Willis Wharf, the median home price stands at $177,900. In comparison to the national median property tax rate of 0.99%, Willis Wharf has a consistent median tax bill of $1,352, regardless of the property value percentile. This indicates a relatively stable and predictable property tax environment for homeowners. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value, thereby affecting the final tax bill. For homeowners, understanding these factors is crucial as they directly impact annual expenses. With the highest and lowest median tax bills both at $1,352, homeowners in Willis Wharf can anticipate their property tax obligations with a degree of certainty, aiding in better financial planning.
Average Willis Wharf Tax Bill
$1,352
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Willis Wharf, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23486 | $1,352 | $1,352 | $1,352 | $1,352 | $1,352 |
Source: Ownwell