Big Island, Virginia Property Taxes
The median property tax rate in Big Island, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Big Island, the typical annual property tax bill reaches $518, significantly below the national median of $2,690. Property taxes in Big Island are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Big Island'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 Big Island 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
Big Island, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$518
Ownwell’s BIG ISLAND Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG ISLAND with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG ISLAND 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 Big Island, Virginia
Property taxes in Big Island, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Island is 0.61%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Big Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Island 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 Big Island's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24526 zip code has the highest and lowest median property tax rate of 0.61%. Understanding how these cities compare with Big Island provides valuable insights into the varying tax landscape across Amherst County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Island Tax Rate
0.61%
Average Amherst County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24526 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Big Island, Virginia
In BIG ISLAND, 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 Amherst 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 BIG ISLAND, 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. The highest median tax bill in BIG ISLAND is $518.00 in the 24526 zip code, which also has the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Island Assessed Value
$84,900
Average Amherst County Assessed Value
$130,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24526 | $37,300 | $39,700 | $84,900 | $122,800 | $154,360 |
Source: Ownwell
Property Tax Bills Across Big Island, Virginia
In Big Island, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Big Island is $84,900, and the median property tax bill is $518, which is relatively low compared to the national median property tax rate of 0.99%. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Big Island may see tax bills at the 25th percentile around $242 and at the 75th percentile around $749. For those in the 90th percentile, tax bills can reach up to $942. These variations highlight the impact of property value differences within the area. Understanding how these factors affect your tax bill can help homeowners plan and budget more effectively, ensuring they are prepared for their annual property tax obligations.
Average Big Island Tax Bill
$518
Average Amherst County Tax Bill
$778
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24526 | $228 | $242 | $518 | $749 | $942 |
Source: Ownwell