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Median Income In. Hanover County, Virginia. The median property tax (also known as real estate tax) in Hanover County is $1,922.00 per year, based on a median home value of $281,600.00 and a median effective property tax rate of 0.68% of property value.
The latest real estate tax assessment on the property was based on an assessed value of $160,000, of which $136,000 was for the house and $24,000 was for the land. You can allocate 85% ($136,000 Ã· $160,000) of the purchase price to the house and 15% ($24,000 Ã· $160,000) of the purchase price to the land.f you used the property for personal purposes before changing it to rental use, its basis for depreciation is the lesser of its adjusted basis or its fair market value when you change it to rental use. See Basis of Property Changed to Rental Use in chapter 4.