Yale, Virginia Property Taxes
The median property tax rate in Yale, 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 Yale, the typical annual property tax bill is $561, well below the national median of $2,690. Property taxes in Yale are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Yale'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 Yale or another part of Sussex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yale, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$569
$528
Ownwell’s Yale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yale 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 Yale, Virginia
Property taxes in Yale, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yale is 0.48%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Yale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yale 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 Yale's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23897 zip code 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 Yale 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 Yale 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 Yale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23897 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Yale, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Yale, Virginia. 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 Yale, 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 Yale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23897 has the highest and lowest median tax bill at $561.
Average Yale Assessed Value
$118,600
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 Yale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23897 | $25,980 | $56,400 | $118,600 | $195,300 | $360,840 |
Source: Ownwell
Property Tax Bills Across Yale, Virginia
Property tax bills in Yale, Sussex County, VA, are calculated based on the assessed value of a property and the local tax rate. The median home price in Yale is $118,600, which serves as a benchmark for determining tax obligations. Homeowners in Yale can expect their tax bills to vary significantly, with the 25th percentile at $266 and the 75th percentile at $937. For those at the higher end, the 90th percentile tax bill reaches $1,732. These variations are influenced by factors such as property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, the tax rates in Yale offer a range of financial impacts on homeowners. A property located in the zip code 23897, for instance, has the highest median tax bill at $561, which is relatively moderate. Understanding these factors can help homeowners in Yale better anticipate their annual property tax expenses and plan their finances accordingly.
Average Yale Tax Bill
$561
Average Sussex County Tax Bill
$480
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Yale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23897 | $122 | $266 | $561 | $937 | $1,732 |
Source: Ownwell