Foster, Mathews County, Virginia Property Taxes
Median Foster, VA effective property tax rate: 0.56%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Foster, VA home value: $225,750
Median annual Foster, VA tax bill: $1,264, $1,136 lower than the national median property tax bill of $2,400.
How are property taxes in Mathews calculated?
Property taxes in Foster, 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 Foster’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Foster, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Foster, Mathews County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.56%
Estimate Property Tax Bill
$1,264
$1,173
Property Tax Rates Across Foster, Mathews County, Virginia
Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget annually to provide services and dividing 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 Foster’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Foster, located in Mathews County, Virginia, has a median property tax rate of 0.56%, significantly lower than the national median of 1.02%. This means that residents in Foster enjoy lower property taxes compared to many other regions across the country. For homeowners, this can translate into substantial savings, making Foster an attractive location for those looking to minimize property tax expenses. When considering a move to Virginia or evaluating property investments, Foster's favorable tax rate is a compelling factor to keep in mind.
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 Foster Tax Rate
0.56%
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 Mathews County Tax Rate
0.56%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Foster, Mathews County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Mathews County, Virginia
When examining property taxes in Foster, 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 Mathews 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 Mathews 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 Foster.
For example, the median home price in Foster is $225,750, with tax bills ranging significantly across the county. Zip code 23056 has the highest median home price at $224,400.
Property Tax Assessment Values Across Foster, Mathews County, Virginia
Source: Ownwell
$179,500
$271,850
$364,200
Median Foster Market Value
$225,750
Median Mathews County Market Value
$239,800
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Foster, Mathews County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | $55,620 | $138,600 | $225,750 | $431,175 | $591,000 |
Source: Ownwell
Property Tax Bills Across Foster, Mathews County, Virginia
Median Foster Tax Bill
$1,256
Median Mathews County Tax Bill
$1,334
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Foster, Mathews County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | $310 | $776 | $1,256 | $2,415 | $3,310 |
Source: Ownwell