Bristol County Property Taxes
The median property tax rate in Bristol is 1.17%, which is notably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bristol, the typical annual property tax bill is $1,144, exceeding the national median of $2,690. Property taxes in Bristol are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Bristol's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Bristol or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bristol County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,151
Ownwell’s Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Bristol with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Bristol to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Bristol County, Virginia
Property taxes in Bristol play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Bristol is 1.17%, which is higher than the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly between different areas within the county. Each year, Bristol estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Bristol's effective property tax rate with other counties and the national median. For comparison, the city of Bristol has one of the higher property tax rates at 1.17%. Analyzing how Bristol's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Bristol County Tax Rate
1.17%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Bristol County, Virginia
In Bristol, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Bristol Appraisal District. The assessed value, however, 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 Bristol are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. The median property tax bill in Bristol is $1,144, which is significantly higher than the national median property tax rate of 0.99%. Being aware of these valuation processes in Bristol will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Bristol County, Virginia
Source: Ownwell
$96,100
$114,850
$133,600
Average Bristol County Assessed Value
$98,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Bristol County, Virginia
In Bristol County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Bristol County is $98,400. Homeowners in this region face a range of property tax bills, with the 25th percentile at $686 and the 75th percentile at $1,630. For those in the 90th percentile, the tax bill can reach up to $2,097. These tax bills are influenced by various factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. The median property tax rate in Bristol County aligns with the national median property tax rate of 0.99%. This means that homeowners in Bristol County can expect their property tax bills to be a significant part of their annual expenses, impacting their overall financial planning. The highest and lowest median tax bills in Bristol County are both $1,144, indicating a relatively uniform tax burden across different properties.
Average Bristol County Tax Bill
$1,144
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690