Wakefield, Virginia Property Taxes
The median property tax rate in Wakefield, VA is 0.89%, which aligns with the state median but is slightly below the national median of 0.99%. With a median home value of $190,500 in Wakefield, the typical annual property tax bill amounts to $1,664, which is notably lower than the national median of $2,690. Property taxes in Wakefield are calculated based on the assessed value, often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wakefield'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 Wakefield or another part of Southampton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wakefield, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Wakefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakefield 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 Wakefield, Virginia
Property taxes in Wakefield, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakefield is 0.89%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakefield 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. For comparison, the zip code 23888 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these areas compare with Wakefield provides valuable insights into the varying tax landscape across Southampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wakefield Tax Rate
0.89%
Average Southampton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Virginia
In Wakefield, 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 Southampton 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 Wakefield, 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wakefield are both $1,664 and are found in the zip code 23888.
Average Wakefield Assessed Value
$190,500
Average Southampton County Assessed Value
$133,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wakefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | $63,040 | $108,800 | $190,500 | $313,700 | $443,980 |
Source: Ownwell
Property Tax Bills Across Wakefield, Virginia
In Wakefield, Southampton County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Wakefield is $190,500, which serves as a baseline for determining the tax bill. The assessed value is multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and market conditions can influence the assessed value, making it essential for homeowners to understand their property’s specific valuation. Homeowners in Wakefield experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $953, while at the 75th percentile, it rises to $2784. At the 90th percentile, homeowners can expect to pay around $3818. These figures highlight the variability in property tax obligations, depending on property values and assessments. Compared to the national median property tax rate of 0.99%, Wakefield's property tax rates can significantly impact homeowners' financial planning and budgeting.
Average Wakefield Tax Bill
$1,664
Average Southampton County Tax Bill
$1,244
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | $545 | $953 | $1,664 | $2,784 | $3,818 |
Source: Ownwell