Example of Accomack County Property Tax Calculation
Accomack County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office and is based on the market value of the property.
To calculate the property tax, the assessed value is multiplied by the county's tax rate. For example, if a property has an assessed value of $100,000 and the tax rate is 1%, the property tax would be $1,000 ($100,000 x 0.01).
It's important to note that property taxes in Accomack County also include additional taxes and fees, such as special assessments and fees for services like trash collection. These additional taxes and fees can vary depending on the specific location and type of property.
Overall, understanding property tax calculations can be helpful for property owners in Accomack County to budget for their expenses and ensure they are paying the correct amount.
If you want appeal your property tax assessment - contact your local tax assessor.
Accomack County Property Tax Rates
In Accomack County, property tax rates vary depending on the area you are located in. Here is a breakdown of the tax rates per $100 of assessed value for the county:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate Tax | $0.70 |
| Machinery & Tools Tax | $3.00 |
| Personal Property Tax | $4.00 |
| Mobile Home Tax | $0.70 |
It is important to note that these rates are subject to change, and residents should consult with their local tax authority for the most up-to-date information.
Who sets property tax rates in Accomack County ?
Answer:
In Accomack County, Virginia, the Board of Supervisors sets the property tax rates. They usually do this during their annual budget planning process which takes place in the spring. However, the actual tax rates are not finalized until the fall when the tax bills are mailed to property owners. The rates are based on the assessed value of the property and are used to generate revenue for the county to fund various services such as schools, roads, and public safety. Property owners in Accomack County can find out their specific tax rate by visiting the county's website or contacting the Commissioner of the Revenue's office.
Homestead exemptions in Accomack County ?
To assist homeowners in Accomack County, Virginia, this table provides all county-specific Homestead exemptions and deductions.
The table includes four columns: exemption, eligibility, amount and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic Homestead | Primary residence occupied as of January 1st | $5,000 | Applies to all homeowners |
| Elderly or Disabled | Age 65 or disabled | $20,000 | Must have a gross income below $50,000 and meet other eligibility criteria |
| Veteran | Veteran or spouse of a veteran | 100% of value | Must have been honorably discharged from service and meet other criteria |
| Surviving Spouse | Surviving spouse of a service member | 100% of value | Must have fallen in the line of duty or suffered a service-connected death |
It is important to note that only one Homestead exemption can be claimed per household. Additionally, applications for these exemptions must be submitted to the Accomack County Commissioner of the Revenue's office by April 1st of each year.
By taking advantage of these Homestead exemptions, homeowners in Accomack County can reduce their property tax liability and improve their financial situation.
When is Accomack County Property Tax due ?
Accomack County Property Tax Due Date
Property taxes are due on a yearly basis in Accomack County. Typically, the due date falls on the 15th day of December. However, it's essential to keep a check on the official website or contact the county tax office to confirm the exact due date.
Payment Methods
There are different methods of paying your Accomack County Property Tax. The table below provides details of the options available to taxpayers:
| Payment Method | Description |
|---|---|
| Online Payment | Taxpayers can pay their property taxes online through the Accomack County website. Payments can be made using a credit or debit card, as well as electronic checks. |
| In-Person Payment | Payments can be made in-person at the Accomack County Treasurer's Office, located at 23296 Courthouse Ave. Accomac, VA 23301. Payments can be made using cash, check, or money orders. |
| Mail-in Payment | Taxpayers can also mail their tax payments to the county tax office. Payments must be sent to Accomack County Treasurer, P.O. Box 218, Accomac, VA 23301. |
In Conclusion
Property taxes in Accomack County are due on December 15th each year. Taxpayers can pay their taxes online, in-person or by mail to the county tax office. It's highly recommended that taxpayers confirm the due date and taxes owed with the county tax office to avoid late fees or penalties.
If you have more questions - contact your local tax collector.
How is Accomack County Property Tax penalty calculated ?
Accomack County Property Tax penalties are calculated based on the amount of taxes owed and the length of time the payment is overdue. The penalty rate for late payment is 10% of the total amount owed. In addition to the penalty, interest is also charged on the overdue balance at a rate of 10% per annum.
Here is an example to help illustrate how the penalty is calculated:
Let's say John owns a property in Accomack County and his property tax bill for the year is $2,000. The due date for payment is September 1st, but John doesn't make the payment until November 1st, which is two months past the due date.
The penalty for late payment would be calculated as follows:
- Penalty rate for late payment: 10%
- Amount of taxes owed: $2,000
- Number of months overdue: 2
Calculation: (10% x $2,000) x 2 months = $400
Therefore, John would owe a penalty of $400 in addition to the original $2,000 property tax bill. On top of that, he would also be charged interest on the overdue balance at a rate of 10% per annum until the full balance is paid off.
It is important to note that penalties and interest will continue to accrue until the overdue balance is paid in full. To avoid penalties and interest, it is recommended to pay property taxes on or before the due date.
We recommend contacting the Accomack County Tax Office or a local tax professional for the most up-to-date and accurate information.