Covington, Virginia Property Taxes
The median property tax rate in Covington, VA is 0.73%, 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 Covington, the typical annual property tax bill amounts to $766, significantly below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Covington'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 Covington or another part of Alleghany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Covington, 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 Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Virginia
Property taxes in Covington, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24426 zip code has the highest median property tax rate of 0.73%, while the 24426 zip code also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Covington provides valuable insights into the varying tax landscape across Alleghany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
0.73%
Average Alleghany County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24426 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Virginia
In Covington, 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 Alleghany 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 Covington, 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. For instance, the highest and lowest median tax bills in Covington are both $766.00, found in the 24426 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Covington Assessed Value
$105,000
Average Alleghany County Assessed Value
$87,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24426 | $45,250 | $72,000 | $105,000 | $153,400 | $216,950 |
Source: Ownwell
Property Tax Bills Across Covington, Virginia
In Covington, VA, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is calculated by the local tax assessor. Various factors such as property size, location, and market trends are considered during the assessment process. Homeowners in Covington can expect their tax bills to fall within a range, with the 25th percentile at $526 and the 75th percentile at $1,120, reflecting the variability in property values and assessments. The median home price in Covington is $105,000, and the tax rate is applied to this assessed value to determine the final tax bill. Compared to the national median property tax rate of 0.99%, Covington's property taxes can be significantly lower, providing some financial relief to homeowners. However, those with higher-valued properties may see tax bills reaching up to $1,584 at the 90th percentile. Understanding this calculation helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Covington Tax Bill
$766
Average Alleghany County Tax Bill
$636
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24426 | $330 | $526 | $766 | $1,120 | $1,584 |
Source: Ownwell