Emporia, Virginia Property Taxes
The median property tax rate in Emporia, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $142,600 in Emporia, the typical annual property tax bill amounts to $684, well below the national median of $2,690. Property taxes in Emporia are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Emporia'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 Emporia or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Emporia, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$684
$635
Ownwell’s Emporia Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Emporia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emporia 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 Emporia, Virginia
Property taxes in Emporia, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emporia is 0.48%, lower than the U.S. national median of 0.99%. Local government entities within Emporia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emporia 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 Emporia's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23847 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Emporia provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Emporia Tax Rate
0.48%
Average Sussex County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Emporia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23847 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Emporia, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Emporia, VA. 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 local authorities 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 Emporia, 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 Emporia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Emporia are both $684, found in zip code 23847.
Average Emporia Assessed Value
$142,600
Average Sussex County Assessed Value
$103,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Emporia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23847 | $28,290 | $75,900 | $142,600 | $275,600 | $407,110 |
Source: Ownwell
Property Tax Bills Across Emporia, Virginia
In Emporia, Sussex County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Emporia, the median home price is $142,600. Property tax bills can vary significantly, with the 25th percentile paying around $364 annually, while those in the 75th percentile pay approximately $1,323. The highest median tax bill recorded in the area is $684, which falls within the zip code 23847. These property taxes fund essential community services such as schools, infrastructure, and emergency services. Understanding how property tax bills are calculated can help homeowners better manage their finances and plan for any potential increases in their annual obligations.
Average Emporia Tax Bill
$684
Average Sussex County Tax Bill
$480
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Emporia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23847 | $136 | $364 | $684 | $1,323 | $1,954 |
Source: Ownwell