Charlottesville, Virginia Property Taxes
The median property tax rate in Charlottesville, VA is 0.85%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Charlottesville at $426,900, the typical annual property tax bill reaches $3,587, significantly higher than the national median of $2,690. Property taxes in Charlottesville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Charlottesville'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 Charlottesville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Charlottesville, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell's Charlottesville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Charlottesville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Charlottesville to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-level trends, more detailed localized information is available below. Your property's assessed value is determined by Albemarle County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Charlottesville, Virginia
Property taxes in Charlottesville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charlottesville is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Charlottesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charlottesville 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 Charlottesville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22901 zip code has the highest median property tax rate of 0.85%, while the same 22901 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Charlottesville provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charlottesville Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charlottesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22901 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 22902 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 22903 | 0.76% | 0.85% | 0.85% | 0.85% | 0.85% |
| 22911 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Charlottesville, Virginia
In Charlottesville, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Albemarle 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. Assessment notices in Charlottesville 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 Charlottesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Homeowners in zip code 22903 see the highest median tax bill at $4,215, while those in zip code 22902 experience the lowest at $3,470.
Property Tax Assessment Values Across Charlottesville, Virginia
Source: Ownwell
$196,950
$442,825
$688,700
Average Charlottesville Assessed Value
$426,900
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charlottesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22901 | $176,100 | $281,150 | $419,000 | $626,450 | $969,100 |
| 22902 | $244,250 | $339,000 | $411,600 | $477,975 | $583,500 |
| 22903 | $176,000 | $298,000 | $508,500 | $912,025 | $1,344,190 |
| 22911 | $238,200 | $331,950 | $414,500 | $554,600 | $739,500 |
Source: Ownwell
Property Tax Bills Across Charlottesville, Virginia
In Charlottesville, Albemarle County, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically updated to reflect changes in the real estate market. Factors such as location, property size, and home improvements can influence this assessed value. For example, with a median home price of $426,900, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,508, while the 75th percentile tax bill is approximately $5,058. Some homeowners may see tax bills as high as $7,916 at the 90th percentile. The highest median tax bill in the area, $4,215, is found in the 22903 zip code, whereas the lowest, $3,470, is in the 22902 zip code. Compared to the national median property tax rate of 0.99%, these figures highlight the significant impact property taxes can have on homeowners in this region.
Average Charlottesville Tax Bill
$3,587
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Charlottesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22901 | $1,489 | $2,344 | $3,504 | $5,267 | $8,053 |
| 22902 | $1,879 | $2,822 | $3,470 | $4,014 | $4,776 |
| 22903 | $1,404 | $2,349 | $4,215 | $7,399 | $10,886 |
| 22911 | $1,920 | $2,746 | $3,484 | $4,684 | $6,131 |
Source: Ownwell