Poquoson County, Virginia Property Taxes
The median property tax rate in Poquoson is 1.11%, which is significantly higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Poquoson at $369,650, the typical annual property tax bill reaches $4,097, exceeding the national median of $2,690. Property taxes in Poquoson are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Poquoson's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Poquoson or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Poquoson County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$4,103
$3,808
Ownwell’s Poquoson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Poquoson with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Poquoson to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Poquoson County, Virginia
Property taxes in Poquoson play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Poquoson is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities within Poquoson set these rates annually, and they can vary significantly between different areas within the county. Each year, Poquoson estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Poquoson's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Hampton has one of the higher property tax rates in Virginia at 1.11%. Analyzing how Poquoson's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Poquoson County Tax Rate
1.11%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Poquoson County, Virginia
In Poquoson, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Poquoson Appraisal District. The assessed value, however, 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. Assessment notices in Poquoson are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Poquoson will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Poquoson, Hampton has the highest median tax bill at $6,091, while Poquoson itself has the lowest at $4,097.
Property Tax Assessment Values Across Poquoson County, Virginia
Source: Ownwell
$369,650
$369,650
$369,650
Average Poquoson County Assessed Value
$369,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Poquoson County, Virginia
In Poquoson, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Poquoson experience a range of property tax bills, with the 25th percentile paying around $3,079 annually, while those in the 75th percentile face bills of approximately $5,417. At the higher end, the 90th percentile sees tax bills reaching up to $6,954. Several factors influence the assessed value, including the property's market value, location, size, and any improvements made. Compared to the national median property tax rate of 0.99%, Poquoson's tax rates result in varying tax burdens for homeowners. For instance, the highest median tax bill in Poquoson is $6,091 in Hampton, while the lowest is $4,097 in Poquoson city itself. These property tax bills significantly impact homeowners by affecting their annual expenses and potentially influencing their decisions regarding homeownership and property investments.
Average Poquoson County Tax Bill
$4,097
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690