Keswick, Virginia Property Taxes
The median property tax rate in Keswick, VA is 0.85%, slightly lower than the Virginia state median of 0.89% but still notably higher than the national median of 0.99%. With a median home value of $688,700 in Keswick, the typical annual property tax bill reaches $5,642, far exceeding the national median of $2,690. Property taxes in Keswick are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Keswick'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 Keswick or another part of Albemarle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keswick, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$5,854
Ownwell’s Keswick Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Keswick. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Keswick to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Albemarle County, serves as the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Keswick, Virginia
Property taxes in Keswick, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keswick is 0.85%, lower than the U.S. national median of 0.99%. Local government entities within Keswick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keswick 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 Keswick's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22947 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Keswick 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 Keswick 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 Keswick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22947 | 0.80% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Keswick, Virginia
In Keswick, 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 Keswick, 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. For instance, the median home price in Keswick is $688,700, leading to varying tax bills such as $3,483 at the 25th percentile and $10,365 at the 90th percentile. 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 Keswick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keswick Assessed Value
$688,700
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 Keswick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22947 | $264,400 | $421,750 | $688,700 | $929,650 | $1,294,100 |
Source: Ownwell
Property Tax Bills Across Keswick, Virginia
Property tax bills in Keswick, located in Albemarle County, VA, are calculated based on the assessed value of a property. This assessed value is determined by the county assessor and reflects the market value of the home. For homeowners in Keswick, the median home price stands at $688,700. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For example, the tax bill for the 25th percentile is $3,483, while those in the 75th percentile pay around $7,782. At the 90th percentile, homeowners face a tax bill of approximately $10,365. These figures illustrate the range of property tax burdens depending on the property's assessed value. Compared to the national median property tax rate of 0.99%, Keswick's property tax rates can significantly impact homeowners, especially those with higher-valued properties. This variability underscores the importance of understanding how property taxes are calculated and managed.
Average Keswick Tax Bill
$5,642
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Keswick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22947 | $2,100 | $3,483 | $5,642 | $7,782 | $10,365 |
Source: Ownwell