North Dinwiddie, Virginia Property Taxes
The median property tax rate in North Dinwiddie, VA is 1.27%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in North Dinwiddie at $48,700, the typical annual property tax bill reaches $618, still below the national median of $2,690. Property taxes in North Dinwiddie are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North Dinwiddie'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 North Dinwiddie or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Dinwiddie, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$618
$574
Ownwell’s North Dinwiddie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Dinwiddie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Dinwiddie 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 North Dinwiddie, Virginia
Property taxes in North Dinwiddie, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Dinwiddie is 0.77%, which is lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within North Dinwiddie set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Dinwiddie 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 North Dinwiddie's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23803 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with North Dinwiddie provides valuable insights into the varying tax landscape across Petersburg, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Dinwiddie Tax Rate
1.27%
Average Petersburg County Tax Rate
1.27%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Dinwiddie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across North Dinwiddie, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Dinwiddie, 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 local 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 North Dinwiddie, 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 North Dinwiddie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23803 has the highest median tax bill at $618, while the same zip code also has the lowest median tax bill at $618.
Property Tax Assessment Values Across North Dinwiddie, Virginia
Source: Ownwell
$48,700
$169,450
$290,200
Average North Dinwiddie Assessed Value
$48,700
Average Petersburg County Assessed Value
$103,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Dinwiddie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $48,700 | $48,700 | $48,700 | $48,700 | $48,700 |
Source: Ownwell
Property Tax Bills Across North Dinwiddie, Virginia
In North Dinwiddie, VA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate the market value of the property. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual property tax bill. For instance, in North Dinwiddie, the median home price is $48,700, and the property tax rate is applied to this assessed value. Homeowners in this area typically face a property tax bill of $618, which is consistent across various percentiles including the 25th, 75th, and 90th percentiles. This uniformity in tax bills suggests a stable tax rate in the region. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates measure up. For homeowners, this tax bill represents a significant annual expense that must be budgeted for, impacting overall homeownership costs.
Average North Dinwiddie Tax Bill
$618
Average Petersburg County Tax Bill
$1,321
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North Dinwiddie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $618 | $618 | $618 | $618 | $618 |
Source: Ownwell