Hampton, Virginia Property Taxes
The median property tax rate in Hampton, VA is 1.11%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hampton, the typical annual property tax bill reaches $6,091, exceeding the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton 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
Hampton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$6,091
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Virginia
Property taxes in Hampton, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 1.11%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23666 zip code has the highest median property tax rate of 1.11%, while the 23666 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Hampton provides valuable insights into the varying tax landscape across Poquoson, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
1.11%
Average Poquoson County Tax Rate
1.11%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23666 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Virginia
In Hampton, 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 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 Hampton, 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hampton are both $6,091, found in the 23666 zip code.
Average Hampton Assessed Value
$548,700
Average Poquoson County Assessed Value
$369,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23666 | $369,180 | $436,500 | $548,700 | $660,900 | $728,220 |
Source: Ownwell
Property Tax Bills Across Hampton, Virginia
Property tax bills in Hampton, Poquoson County, VA, are determined based on the assessed value of the property and the local tax rate. The assessed value is an estimate of your property's market value as determined by the county assessor. Once the property is assessed, the local tax rate is applied to calculate the tax bill. For instance, with a median home price of $548,700, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $4,845, while at the 75th percentile, it rises to approximately $7,336. The 90th percentile sees tax bills as high as $8,083. The highest median tax bill in the area, recorded at $6,091, is found in the 23666 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners. While Hampton’s property tax rates may seem high compared to the national median property tax rate of 0.99%, they reflect the value of local amenities and services.
Average Hampton Tax Bill
$6,091
Average Poquoson County Tax Bill
$4,097
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23666 | $4,098 | $4,845 | $6,091 | $7,336 | $8,083 |
Source: Ownwell