Midlothian, Virginia Property Taxes
The median property tax rate in Midlothian, 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 the median home value in Midlothian at $523,000, the typical annual property tax bill amounts to $3,904, surpassing the national median of $2,690. Property taxes in Midlothian are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Midlothian’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 Midlothian 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
Midlothian, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$3,975
Ownwell’s Midlothian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midlothian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midlothian 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 Midlothian, Virginia
Property taxes in Midlothian, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midlothian is 0.76%, 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 Midlothian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midlothian 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 Midlothian's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23112 zip code has the highest median property tax rate of 0.80%, while the 23113 zip code has the lowest median tax rate of 0.75%. Understanding how these areas compare with Midlothian provides valuable insights into the varying tax landscape across Powhatan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midlothian Tax Rate
0.76%
Average Powhatan County Tax Rate
0.82%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midlothian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23112 | 0.42% | 0.77% | 0.80% | 0.83% | 0.86% |
| 23113 | 0.72% | 0.74% | 0.75% | 0.79% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Midlothian, Virginia
In Midlothian, 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 Powhatan 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 Midlothian, 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. The median home price is $523,000, with tax bills ranging from $2,769 at the 25th percentile to $5,713 at the 90th percentile. The highest median tax bill is $3,930 in the 23113 zip code, while the lowest is $2,389 in the 23112 zip code. 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 Midlothian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midlothian Assessed Value
$523,000
Average Powhatan County Assessed Value
$297,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midlothian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23112 | $166,240 | $214,800 | $294,300 | $448,025 | $559,690 |
| 23113 | $268,140 | $360,500 | $525,700 | $636,150 | $784,500 |
Source: Ownwell
Property Tax Bills Across Midlothian, Virginia
Property tax bills in Midlothian, Powhatan County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the property's market value. Homeowners then pay a percentage of this assessed value as their property tax. For instance, the median home price in Midlothian is $523,000. Depending on the home's assessed value, property tax bills can vary significantly. The 25th percentile tax bill is around $2,769, while the 75th percentile tax bill reaches approximately $4,703. At the 90th percentile, homeowners can expect to pay up to $5,713. Comparatively, the national median property tax rate is 0.99%, making Midlothian's property tax landscape relatively moderate. However, within Midlothian, tax bills can differ by zip code, with the highest median tax bill being $3,930 in zip code 23113 and the lowest median tax bill being $2,389 in zip code 23112. These variations can significantly impact homeowners' annual expenses.
Average Midlothian Tax Bill
$3,904
Average Powhatan County Tax Bill
$2,424
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Midlothian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23112 | $968 | $1,492 | $2,389 | $3,545 | $4,312 |
| 23113 | $2,019 | $2,807 | $3,930 | $4,726 | $5,735 |
Source: Ownwell