Wakefield, Virginia Property Taxes
The median property tax rate in Wakefield, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Wakefield at $95,900, the typical annual property tax bill amounts to $452, well below the national median of $2,690. Property taxes in Wakefield 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 Wakefield'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 Wakefield or another part of Sussex County, grasping 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
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$460
$427
Ownwell’s Wakefield Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Wakefield, Sussex County, VA. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Wakefield to provide an accurate estimate of your property tax bill. This allows you to gain a clear understanding of your potential tax liabilities. For those interested in more granular insights, we offer localized information on neighborhood trends. Remember, your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
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 0.48%, significantly lower than both the Virginia state median of 0.82% 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. The data below compares Wakefield's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23888 has both the highest and lowest median property tax rate in Wakefield at 0.48%. Understanding how these cities compare with Wakefield 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 Wakefield 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 Wakefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
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 Sussex 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. The zip code with the highest median tax bill is 23888, with a median tax bill of $452. By being aware of these valuation processes in Wakefield, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wakefield Assessed Value
$95,900
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 Wakefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | $19,200 | $45,950 | $95,900 | $160,900 | $248,120 |
Source: Ownwell
Property Tax Bills Across Wakefield, Virginia
In Wakefield, Sussex County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Wakefield is $95,900. Property tax bills can vary significantly, ranging from the 25th percentile at $209 to the 75th percentile at $758, with the 90th percentile reaching $1,174. This variation reflects differences in property values and any applicable exemptions or deductions. The tax rate is applied to the assessed value to determine the final tax bill. For homeowners, this means that higher assessed values result in higher tax bills. With the national median property tax rate at 0.99%, homeowners in Wakefield might find their tax bills to be relatively moderate in comparison, considering the local median tax bill is $452 in the 23888 zip code. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Wakefield Tax Bill
$452
Average Sussex County Tax Bill
$480
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 | $89 | $209 | $452 | $758 | $1,174 |
Source: Ownwell