Isle of Wight County Real Estate and Livability Trends
In Isle of Wight County, Virginia, average taxable income per tax return rose significantly from $65,914.56 in 2013 to $85,708.64 in 2021, hinting at improving economic conditions. Median home values also soared from $243,000 in 2015 to $327,600 in 2022, outpacing national trends, while real estate taxes climbed sharply. Moreover, rising average residential energy tax credits point to a growing... Read more
Isle of Wight County Market Trends
The median home values in Isle of Wight County, Virginia skyrocketed from $243,000 in 2015 to $327,600 in 2022, outpacing the national uptick. Meanwhile, the average residential energy tax credit per tax return saw a huge leap, suggesting a boom in energy-efficient home improvements. Real estate taxes have also risen sharply, suggesting growing property values or evolving tax policies. Notably,... Read more
Median Value of Occupied Housing Units in Isle of Wight County, Virginia Over the Last 8 Years
Over the last eight years, the median home values in Isle of Wight County, Virginia jumped from $243,000 in 2015 to $327,600 in 2022. This outpaces the national increase, where median values went from $125,500 to $179,400 during the same period. Interestingly, while Virginia experienced consistent growth in home values, Isle of Wight County saw a particularly sharp rise in 2022, making it an attractive locale for investors and prospective homeowners seeking opportunities beyond more typical market trends.
Residential Energy Tax Credit Per Tax Return in Isle of Wight County, VA Over the Last 9 Years
Over the last nine years, Isle of Wight County, Virginia has seen significant fluctuations in the average residential energy tax credit per tax return. After a steady but modest rise from $463.16 in 2013 to $625.93 in 2017, there was a dramatic spike to $2262.50 in 2018. This increase, followed by high averages like $1410.00 in 2019 and $2102.50 in 2021, suggests a growing investment in energy-efficient improvements. These trends could highlight a lucrative opportunity for real estate investors and those in the green energy sector, signaling heightened local interest and potential returns on energy-efficient properties.
Average Real Estate Taxes Per Tax Return in Isle of Wight County, VA Over the Last 10 Years
Over the past decade, Isle of Wight County, Virginia has seen a steady increase in its average real estate taxes per tax return. In 2012, the average was $2,304.51, rising to $2,797.47 by 2014 and spiking to $3,564.63 in 2018. Recent years have shown continued growth, with the average reaching $3,653.98 in 2021. This upward trend could suggest increasing property values or changes in tax policies, providing crucial insights for potential investors, property developers, and real estate agents.
Percentage of Farm Returns in Isle of Wight County, VA Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Isle of Wight County, Virginia has shown a subtle but noticeable decline from 1.16% in 2012 to 0.81% in 2021. Farm tax returns are filings that report income and expenses tied to farming operations, which can be indicative of agricultural activity levels in an area. This downward trend might be a hint towards decreasing agricultural activity or consolidation of farms. For potential investors, builders, or those interested in the local economy, this could suggest shifts in land use and economic focus, potentially influencing future property values and development opportunities.
Number of Mortgages by Occupancy Type in Isle of Wight County, VA Over the Last 5 Years in Isle of Wight County
Over the past five years in Isle of Wight County, Virginia, there's been a noticeable fluctuation in mortgage counts across different occupancy types. Principal residences dominate the mortgage landscape, but investment properties and second residences see minor yet telling changes. The recent surge in principal residence mortgages, peaking in 2020 at over 4,000, could indicate a rising trend in homeownership or perhaps low interest rates driving purchase decisions. Conversely, the relatively steady low numbers for investment and second residences might suggest either stable investment interest or a more cautious approach in these categories. For investors, real estate agents, and insurance agents, understanding these shifts can provide insights into market stability, investment opportunities, and risk assessment. For those looking to move to or build property in the area, these patterns can offer a glimpse into local demand and real estate dynamics.
Economic Outlook
Over the past nine years, average taxable income per tax return in Isle of Wight County, Virginia, has generally trended upward, showing a notable increase from $65,914.56 in 2013 to $85,708.64 in 2021. This suggests that the area's economic conditions might be improving, potentially making it a more attractive place for investors and homebuyers. Additionally, average state and local income taxes per tax return have climbed from $5,153.16 in 2012 to approximately $8,296.58 in 2021, possibly... Read more
Average Taxable Income per Tax Return in Isle of Wight County, VA over the last 9 years
Over the past nine years, average taxable income per tax return in Isle of Wight County, Virginia, has generally trended upward, showing a notable increase from $65,914.56 in 2013 to $85,708.64 in 2021. This suggests that the area's economic conditions might be improving, potentially making it a more attractive place for investors and homebuyers. For real estate agents and builders, this upward trend could indicate a growing market with increasing property values. Insurance agents might see changes in coverage needs and premium pricing as household incomes rise.
Average State and Local Income Taxes Per Tax Return in Isle of Wight County, VA Over the Last 10 Years
Isle of Wight County, Virginia, has seen a noticeable uptick in average state and local income taxes per tax return over the past decade, climbing from about $5,153.16 in 2012 to approximately $8,296.58 in 2021. This steady rise could potentially indicate a growing economy or higher income levels within the community. For investors or those considering moving to the area, this trend may reflect increased public spending and improved local services. Appraisers and insurance agents should note the implications for property and valuation trends, as higher taxes can impact real estate dynamics. Real estate agents might find this data useful when advising clients on how the local tax environment has evolved.
Average Total Tax Liability Per Tax Return in Isle of Wight County, VA Over the Last 10 Years
Over the last decade, Isle of Wight County, Virginia, has seen a steady increase in the average total tax liability per tax return, climbing from $9,184.82 in 2012 to $12,790.22 in 2021. This trend could indicate a growing economic base, rising incomes, or property value appreciation, making it a potentially appealing area for investors, potential homeowners, and real estate professionals. Appraisers and insurance agents might also find the rising tax liabilities useful for assessing property values and risks in the area.
Cost of Living in Isle of Wight County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,674 | $1,504 | $1,579 | $1,555 | $1,631 |
| 1 adult 4 children | $1,674 | $1,228 | $1,205 | $1,555 | $1,772 |
| 2 adults 3 children | $1,674 | $1,229 | $1,372 | $1,555 | $1,364 |
| 1 adult 3 children | $1,674 | $1,003 | $997 | $1,555 | $1,538 |
| 2 adults 2 children | $1,198 | $1,006 | $1,164 | $1,358 | $1,049 |
| 1 adult 2 children | $1,198 | $751 | $790 | $1,358 | $1,101 |
| 2 adults 1 child | $1,198 | $795 | $956 | $717 | $952 |
| 1 adult 1 child | $1,198 | $513 | $582 | $717 | $853 |
| 2 adults | $1,025 | $639 | $749 | $0 | $776 |
| 1 adult | $1,006 | $348 | $374 | $0 | $681 |
Safety trends & Data
In Isle of Wight County, Virginia, property crime trends have shown variability, particularly in larceny and theft, which have fluctuated between 24.0 and 31.0 cases annually over the past five years. Fraud peaked in 2020 and 2021 with up to 12.0 incidents, while burglary has remained more stable with around 3-4 cases each year. Embezzlement and motor vehicle theft are less frequent, not exceeding 4.0 cases. These trends might interest potential investors and stakeholders due to the relative... Read more
Property Crime Trends in Isle of Wight County, VA Over the Last 5 Years
Over the last five years, Isle of Wight County, Virginia, has seen fluctuating trends in property crimes. While burglary arrests have remained relatively stable around 3-4 cases annually, larceny and theft arrests ranged from 24.0 to 31.0, suggesting common fluctuation in these offenses. Fraud and vandalism have also shown variability, with the highest peaks in 2020 (11.0) and 2021 (12.0) respectively. Embezzlement and motor vehicle theft incidents appear infrequent, with values not exceeding 4.0. Potential investors, real estate agents, and other stakeholders may be interested in the relatively higher and fluctuating rates of property crimes like larceny and fraud, juxtaposed against the lower consistency in other types of offenses.
Demographics
Isle of Wight County, Virginia, has a fairly balanced adult population with a slight female majority. The majority of residents here are White, while Black or African American communities form the largest minority group. Older adults, particularly those aged 55 to 64, represent a significant portion of the population, hinting at an aging community. Educational attainment varies, but many residents have at least some college education, and a notable percentage hold bachelor's or higher degrees.... Read more
Race Distribution in Isle of Wight County, Virginia (2022)
Educational Attainment in Isle of Wight County, Virginia (2022)
Age Distribution in Isle of Wight County, Virginia
Citizen Population in Isle of Wight County, Virginia (2022)
Political Trends & Data
Isle of Wight County in Virginia leaned towards the Republican candidate in the 2020 U.S. Presidential Election, with around 58% of the vote. Democrats garnered about 40% of the votes, indicating a clear two-party preference among residents. Libertarian support was minimal at approximately 1.4%, with negligible votes for Green and other... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Isle of Wight County in Virginia saw a noticeable Republican lean in the 2020 U.S. Presidential Election, with around 58% of the vote possibly going to the Republican candidate. Democrats trailed with about 40%, while Libertarian support was minimal at roughly 1.4%. The presence of Green and Other party votes was nearly negligible, hinting at a strong two-party preference among voters.
58.44% of voters voted for the Republican party in the 2020 Presidential Election
40.07% of voters voted for the Democrat party in the 2020 Presidential Election
1.40% of voters voted for the Livertarian party in the 2020 Presidential Election
0.09% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Isle of Wight County, Virginia, the student-to-teacher ratio has fluctuated over the past decade, peaking at 16 in 2017 and usually hovering between 14 and 15. This ratio aligns closely with the national average of 14 students per teacher and could influence classroom dynamics, resource allocation, and individual student attention. These factors are important for investors, real estate agents, and families considering relocation or educational planning in the... Read more
Student-to-teacher ratio in Isle Of Wight County, Virginia over the last 10 years
In Isle of Wight County, Virginia, the student-to-teacher ratio has shown some fluctuations over the past decade, peaking at 16 in 2017 and generally remaining around 14 to 15 in other years. This trend is close to or slightly above the current US national average of 14 students per teacher. Such changes in occupancy type could potentially impact factors like classroom dynamics, resource allocation, and individual student attention, which might be critical for investors, real estate agents, and those considering relocation or educational planning in the area.
