Hopewell, Virginia Property Taxes
The median property tax rate in Hopewell, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hopewell at $74,050, the typical annual property tax bill amounts to $500, significantly below the national median of $2,690. Property taxes in Hopewell are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Hopewell's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Hopewell or another part of the city, gaining insights into the local property tax system is beneficial for managing expenses effectively.
Last Updated June 14, 2024
Hopewell, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$570
$529
Ownwell’s Hopewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell 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 Hopewell, Virginia
Property taxes in Hopewell, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 0.77%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopewell 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 Hopewell's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23860 zip code 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 cities compare with Hopewell provides valuable insights into the varying tax landscape across Prince George County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopewell Tax Rate
0.77%
Average Prince George County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | 0.72% | 0.73% | 0.77% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Virginia
In Hopewell, 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 Prince George 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 Hopewell, 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 Hopewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hopewell, both at $500.00, are found in the 23860 zip code.
Average Hopewell Assessed Value
$74,050
Average Prince George County Assessed Value
$279,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $31,860 | $38,625 | $74,050 | $305,225 | $409,390 |
Source: Ownwell
Property Tax Bills Across Hopewell, Virginia
In Hopewell, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location, size, and market conditions are considered in the assessment process. For homeowners in Hopewell, the median home price is $74,050. Property tax bills in this area can vary significantly, with the 25th percentile at $304 and the 75th percentile reaching $1,739. The highest median tax bill recorded in the area is $500, which is notably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means that local government services may rely more heavily on other forms of revenue. Understanding these factors can help homeowners anticipate their annual expenses and budget accordingly.
Average Hopewell Tax Bill
$500
Average Prince George County Tax Bill
$2,102
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $238 | $304 | $500 | $1,739 | $3,061 |
Source: Ownwell