Keene, Virginia Property Taxes
The median property tax rate in Keene, 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 Keene at $262,400, the typical annual property tax bill is $2,197, which falls below the national median of $2,690. Property taxes in Keene are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a clear understanding of Keene's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Keene 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
Keene, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,230
Ownwell’s Keene Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keene with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keene 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 Keene, Virginia
Property taxes in Keene, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keene is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Keene set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keene 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 Keene's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22946 has the highest median property tax rate of 0.85%, while the lowest median tax rate is also 0.85% in the same zip code. Understanding how these cities compare with Keene 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 Keene 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 Keene, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22946 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Keene, Virginia
In Keene, 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. In Keene, 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. The median home price in Keene is $262,400, with tax bills ranging from $1,491 at the 25th percentile to $4,298 at the 90th percentile. The highest and lowest median tax bills both stand at $2,197 in zip code 22946. By understanding 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 Keene helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keene Assessed Value
$262,400
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 Keene, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22946 | $148,500 | $183,500 | $262,400 | $372,000 | $506,000 |
Source: Ownwell
Property Tax Bills Across Keene, Virginia
In Keene, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Keene is $262,400, which serves as a baseline for calculating property taxes. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $1,491 and the 75th percentile at $3,087. The top 10% of tax bills can reach up to $4,298. Several factors influence these variations, including property size, location, and any applicable exemptions. For instance, homes in more desirable areas or with larger plots of land may face higher assessments, leading to higher tax bills. These taxes fund essential services such as public schools, emergency services, and infrastructure maintenance, directly impacting community quality of life. Compared to the national median property tax rate of 0.99%, Keene's property taxes can be seen as relatively moderate, offering a balanced approach to funding local services while considering homeowners' financial responsibilities.
Average Keene Tax Bill
$2,197
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Keene, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22946 | $875 | $1,491 | $2,197 | $3,087 | $4,298 |
Source: Ownwell