Wakefield, Southampton County, Virginia Property Taxes

Name: Property Tax Bills Across Wakefield, Southampton County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Wakefield, VA effective property tax rate: 0.89%, significantly lower than the national median of 1.02%, but equal to the Virginia state median of 0.89%.
Median Wakefield, VA home value: $190,500
Median annual Wakefield, VA tax bill: $1,664, $736 lower than the national median property tax bill of $2,400.

How are property taxes in Southampton calculated?

Property taxes in Wakefield, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Wakefield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wakefield, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Wakefield, Southampton County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.71%

Estimate Property Tax Bill

$2,200

$2,041

Ownwell’s Wakefield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, our calculator applies Wakefield’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Southampton. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Wakefield, Southampton County, Virginia

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Wakefield’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

Property Tax Rates Across Wakefield, Southampton County, Virginia

Source: Ownwell

0.71%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Wakefield Tax Rate

0.71%

Median Effective Southampton County Tax Rate

0.71%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Wakefield, Southampton County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23888	0.71%	0.71%	0.71%	0.71%	0.71%

Source: Ownwell

Property Tax Assessment Values Across Wakefield, Southampton County, Virginia

When examining property taxes in Wakefield, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Southampton County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Southampton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Wakefield.

For example, the median home price in Wakefield is $190,500, with tax bills ranging significantly across the county. Zip code 23888 has the highest median home price at $190,500.

Property Tax Assessment Values Across Wakefield, Southampton County, Virginia

Source: Ownwell

$148,200

$229,025

$309,850

Median Wakefield Market Value

$309,850

Median Southampton County Market Value

$221,200

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Wakefield, Southampton County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23888	$95,540	$174,150	$309,850	$441,700	$555,270

Source: Ownwell

Property Tax Bills Across Wakefield, Southampton County, Virginia

In Wakefield, Southampton County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $190,500, which is used to determine the assessed value for tax purposes. This assessed value is then multiplied by the local tax rate to calculate the property tax bill. In Wakefield, the median property tax bill is $1,664, which is below the national median of $2,400. Factors such as home improvements or changes in the real estate market can influence the assessed value, impacting the final tax bill. Homeowners can find themselves paying more than necessary if their property's assessed value is inaccurately high. Here is where Ownwell steps in to assist homeowners. By providing expert property tax appeal and exemption services, Ownwell helps ensure that your home is assessed fairly, potentially lowering your property tax bill. With Ownwell's assistance, homeowners can navigate the complexities of property tax assessments and secure significant savings.

Property Tax Bills Across Wakefield, Southampton County, Virginia

Source: Ownwell

$1,054

$1,624

$2,193

Median Wakefield Tax Bill

$2,193

Median Southampton County Tax Bill

$1,561

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Wakefield, Southampton County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23888	$678	$1,220	$2,193	$3,125	$3,942

Source: Ownwell