Virgilina, North Carolina Property Taxes
The median property tax rate in Virgilina, NC is 1.06%, higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $66,265 in Virgilina, the typical annual property tax bill amounts to $704, which is significantly lower than the national median of $2,690. Property taxes in Virgilina are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Virgilina's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Virgilina or another part of Granville County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virgilina, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$702
Ownwell’s Virgilina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virgilina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virgilina to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Virgilina, North Carolina
Property taxes in Virgilina, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virgilina is 1.06%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Virgilina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virgilina estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Virgilina's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 24598 has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Virgilina provides valuable insights into the varying tax landscape across Granville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Virgilina Tax Rate
1.06%
Average Granville County Tax Rate
1.00%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virgilina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Virgilina, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Virgilina, North Carolina. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Granville County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Virgilina, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Virgilina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Virgilina is $66,265, with the highest and lowest median tax bills both being $704 in the 24598 zip code.
Property Tax Assessment Values Across Virgilina, North Carolina
Source: Ownwell
$56,307
$184,729
$313,151
Average Virgilina Assessed Value
$66,265
Average Granville County Assessed Value
$137,588
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Virgilina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | $66,265 | $66,265 | $66,265 | $66,265 | $66,265 |
Source: Ownwell
Property Tax Bills Across Virgilina, North Carolina
In Virgilina, located in Granville County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Virgilina is $66,265. The property tax rate in this region is influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. Homeowners in Virgilina can expect a median property tax bill of $704, which is significantly lower than the national median property tax rate of 0.99%. This lower tax bill can be attributed to the relatively modest home values in the area. Whether your property falls in the 25th, 75th, or 90th percentile, the tax bill remains consistent at $704, indicating a uniform approach to property taxation in this region. This consistency provides homeowners with a predictable expense, enabling better financial planning and stability.
Average Virgilina Tax Bill
$704
Average Granville County Tax Bill
$1,476
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Virgilina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | $704 | $704 | $704 | $704 | $704 |
Source: Ownwell