Ararat, Virginia Property Taxes
The median property tax rate in Ararat, VA is 0.59%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $58,500, the typical annual property tax bill in Ararat is $345, well below the national median of $2,690. Property taxes in Ararat are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Ararat'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 Ararat or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ararat, 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 Ararat Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ararat with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Ararat to estimate your property tax bill. This valuable 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 Carroll County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ararat, Virginia
Property taxes in Ararat, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ararat is 0.59%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Ararat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ararat 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 Ararat's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24053 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Ararat provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ararat Tax Rate
0.59%
Average Carroll County Tax Rate
0.59%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ararat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24053 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Ararat, Virginia
In Ararat, 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 Carroll 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 Ararat, 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. Being aware of these valuation processes in Ararat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ararat are both $345.00, found in the 24053 zip code.
Average Ararat Assessed Value
$58,500
Average Carroll County Assessed Value
$88,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ararat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24053 | $13,420 | $24,100 | $58,500 | $89,650 | $120,680 |
Source: Ownwell
Property Tax Bills Across Ararat, Virginia
In Ararat, VA, located in Carroll County, property tax bills are calculated based on the assessed value of a home. The median home price in Ararat is $58,500, which serves as a baseline for determining property taxes. The assessed value is then multiplied by the local tax rate to generate the tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in Ararat can expect a range of property tax bills. For instance, the 25th percentile tax bill is $142, while the 75th percentile tax bill reaches $529. At the higher end, the 90th percentile tax bill is $712. These variations illustrate how different factors and assessed values impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Ararat's tax rates and bills provide a localized perspective on property taxes, highlighting the importance of understanding the specific factors that influence property tax assessments in this region.
Average Ararat Tax Bill
$345
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ararat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24053 | $79 | $142 | $345 | $529 | $712 |
Source: Ownwell