Kilmarnock, Northumberland County, Virginia Property Taxes
The median property tax rate in Kilmarnock, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $329,100 in Kilmarnock, the typical annual property tax bill comes to $1,976, well below the national median of $2,690. Property taxes in Kilmarnock are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence exemption. Understanding Kilmarnock'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 Kilmarnock or another part of Northumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kilmarnock, Northumberland County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$2,008
$1,863
Ownwell’s Kilmarnock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kilmarnock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kilmarnock 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 Kilmarnock, Northumberland County, Virginia
Property taxes in Kilmarnock, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kilmarnock is 0.61%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Kilmarnock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kilmarnock 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 Kilmarnock's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22482 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Kilmarnock provides valuable insights into the varying tax landscape across Northumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kilmarnock Tax Rate
0.61%
Average Northumberland County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kilmarnock, Northumberland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22482 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Kilmarnock, Northumberland County, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kilmarnock, VA. 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 Northumberland 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 Kilmarnock, 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. The median home price in Kilmarnock stands at $329,100, with tax bills ranging significantly. The 25th percentile tax bill is $945, while the 75th percentile reaches $3,138, and the 90th percentile peaks at $4,290. The zip code with the highest and lowest median tax bill is 22482, both at $1,976. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Kilmarnock, Northumberland County, Virginia
Source: Ownwell
$73,600
$201,350
$329,100
Average Kilmarnock Assessed Value
$329,100
Average Northumberland County Assessed Value
$188,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kilmarnock, Northumberland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22482 | $73,400 | $158,350 | $329,100 | $521,650 | $717,500 |
Source: Ownwell
Property Tax Bills Across Kilmarnock, Northumberland County, Virginia
In Kilmarnock, located in Northumberland County, VA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor's office and is meant to reflect the market value of the property. Homeowners in Kilmarnock can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For instance, the median home price in Kilmarnock is $329,100. Property tax bills in the area range widely, with the 25th percentile at $945 and the 75th percentile at $3,138. At the 90th percentile, homeowners may see tax bills as high as $4,290. These figures illustrate how property taxes can impact homeowners differently based on the value of their homes. It's important to note that the highest and lowest median tax bills in Kilmarnock both stand at $1,976, which is higher than the national median property tax rate of 0.99%. This variation underscores the importance of understanding local property tax assessments and their implications for financial planning.
Property Tax Bills Across Kilmarnock, Northumberland County, Virginia
Source: Ownwell
$449
$1,213
$1,976
Average Kilmarnock Tax Bill
$1,976
Average Northumberland County Tax Bill
$1,131
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Kilmarnock, Northumberland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22482 | $406 | $945 | $1,976 | $3,138 | $4,290 |
Source: Ownwell