Williamsburg County, Virginia Property Taxes
The median property tax rate in Williamsburg is 0.62%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Williamsburg at $374,850, the typical annual property tax bill reaches $2,322, which is below the national median of $2,690. Property taxes in Williamsburg are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Williamsburg's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in the city of Williamsburg or another part of Williamsburg County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Williamsburg County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$2,324
$2,157
Ownwell’s Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Williamsburg with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Williamsburg to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Williamsburg County, Virginia
Property taxes in Williamsburg play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly between different areas within the county. Each year, Williamsburg estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Williamsburg's effective property tax rate with the national median. For comparison, the city of Williamsburg has one of the higher property tax rates in Virginia at 0.62%. Analyzing how Williamsburg's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Williamsburg County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Williamsburg | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg County, Virginia
In Williamsburg, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Williamsburg Appraisal District. The assessed value, however, 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. Assessment notices in Williamsburg are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Williamsburg will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. The median home price in Williamsburg is $374,850, with median tax bills ranging from $1,580 at the 25th percentile to $4,735 at the 90th percentile.
Property Tax Assessment Values Across Williamsburg County, Virginia
Source: Ownwell
$216,200
$300,650
$385,100
Average Williamsburg County Assessed Value
$374,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamsburg County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Williamsburg | $178,080 | $255,850 | $374,850 | $564,675 | $766,430 |
Source: Ownwell
Property Tax Bills Across Williamsburg County, Virginia
Property tax bills in Williamsburg, VA are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Williamsburg, the median home price is $374,850. Tax bills can vary significantly, with the 25th percentile at $1,580 and the 75th percentile at $3,488. At the 90th percentile, tax bills can reach up to $4,735. These figures highlight the range of property tax burdens homeowners may face depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Williamsburg's property tax rates reflect a localized approach to funding community services and infrastructure. Understanding these factors can help homeowners better anticipate their annual property tax obligations and budget accordingly.
Average Williamsburg County Tax Bill
$2,322
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Williamsburg | $1,104 | $1,580 | $2,322 | $3,488 | $4,735 |
Source: Ownwell