Wakefield, Surry County, Virginia Property Taxes
Median Wakefield, VA effective property tax rate: 0.71%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Wakefield, VA home value: $209,600
Median annual Wakefield, VA tax bill: $1,488, $912 lower than the national median property tax bill of $2,400.
How are property taxes in Surry County 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, Surry County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.71%
Estimate Property Tax Bill
$1,488
$1,381
Property Tax Rates Across Wakefield, Surry County, Virginia
Local government entities determine tax rates, which can differ significantly within a state. Each county calculates its required budget to provide essential services and divides this by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Wakefield, within Surry County, Virginia, the effective property tax rate is notably lower than the national median property tax rate of 1.02%. This makes Wakefield an attractive location for property owners seeking lower tax burdens compared to other areas in the U.S. and even within Virginia. By comparing Wakefield's property tax rate to other cities in Virginia, homeowners can appreciate the financial advantages of residing in this region. Lower property tax rates can contribute to significant savings over time, making Wakefield an appealing choice for both current residents and potential homebuyers.
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%
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 Surry 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, Surry 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, Surry 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 Surry 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.
In Surry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 $209,600, with tax bills ranging significantly across the county. Zip code 23888 has the highest median home price at $209,600.
Property Tax Assessment Values Across Wakefield, Surry County, Virginia
Source: Ownwell
$141,250
$211,325
$281,400
Median Wakefield Market Value
$209,600
Median Surry County Market Value
$195,100
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Wakefield, Surry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | $63,600 | $125,300 | $209,600 | $307,050 | $408,500 |
Source: Ownwell
Property Tax Bills Across Wakefield, Surry County, Virginia
In Wakefield, VA, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median home price in the area is $209,600, which influences the overall tax bill. The tax bill for homeowners varies, with the 25th percentile at $890 and the 75th percentile reaching $2,180. Homeowners in the 90th percentile face tax bills as high as $2,868. Compared to the national median property tax bill of $2,400, Wakefield's tax rates are relatively moderate, offering some relief to homeowners. However, the financial burden can still be significant, especially for those at the higher end of the spectrum.
Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal and exemption services. By analyzing property assessments and identifying potential inaccuracies, Ownwell ensures that homeowners pay only their fair share. This can result in substantial savings, alleviating the financial pressure on property owners. With Ownwell's support, homeowners can navigate the complexities of property taxes with confidence and ease.
Median Wakefield Tax Bill
$1,488
Median Surry County Tax Bill
$1,385
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Wakefield, Surry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23888 | $452 | $890 | $1,488 | $2,180 | $2,900 |
Source: Ownwell