Taxes & Insurance in Chincoteague
Chincoteague combines Virginia's near-flat state income tax with the lowest sales tax rate and among the lowest property tax rates documented in this dataset's Virginia batch, while sharing the state's broader elevated coastal homeowners-insurance exposure tier.
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Learn moreVirginia's graduated income tax, functionally near-flat for most earners
Virginia taxes income at 2% on the first $3,000, 3% on $3,001-$5,000, 5% on $5,001-$17,000, and 5.75% above $17,000. A new 7% bracket applies to Virginia taxable income above $600,000 starting tax year 2026 -- affects very few Chincoteague filers given the town's $62,292 median household income (Tax Foundation, retrieved 2026-08-24).
The lowest combined sales tax rate in this dataset's Virginia batch
Chincoteague's 5.3% combined sales tax rate (4.3% state + 1% Accomack County) is genuinely lower than the 6.0%-7.0% rates documented for Norfolk, Virginia Beach, Portsmouth, and Smithfield elsewhere in this dataset (Avalara, retrieved 2026-08-24).
A genuinely low town-level property tax rate
The Town of Chincoteague's own real estate tax rate is $0.059 per $100 of assessed value, with a personal property tax rate of $0.72 per $100 -- a separate Accomack County rate also applies to the same property (Town of Chincoteague, retrieved 2026-08-24).
Homeowners insurance shares Virginia's broader elevated coastal-exposure tier
No isolated Chincoteague-only homeowners insurance figure was found this pass -- a real, disclosed gap. Chincoteague's barrier-island-adjacent setting places it in the same broader elevated coastal-premium tier documented for Norfolk, Virginia Beach, and Portsmouth elsewhere in this dataset, with Eastern Shore communities specifically cited near $3,900+/year in one source referenced by this dataset's Norfolk record.
Key takeaways
- Virginia's income tax functions as a near-flat 5.75% for most earners; a new 7% bracket (2026) applies only above $600,000.
- Chincoteague's 5.3% combined sales tax is the lowest documented anywhere in this dataset's Virginia batch.
- The town real estate tax rate ($0.059/$100) is very low; a separate county rate also applies to the same property.
- No isolated Chincoteague-specific homeowners insurance figure was found; Eastern Shore coastal communities were separately cited near $3,900+/year in this dataset's Norfolk record.
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