Drakes Branch, Virginia Property Taxes
The median property tax rate in Drakes Branch, VA is 0.62%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Drakes Branch at $63,360, the typical annual property tax bill amounts to $390, well below the national median of $2,690. Property taxes in Drakes Branch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Drakes Branch'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 Drakes Branch 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
Drakes Branch, 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 Drakes Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drakes Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drakes Branch 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 Drakes Branch, Virginia
Property taxes in Drakes Branch, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drakes Branch is 0.62%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Drakes Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drakes Branch 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 Drakes Branch's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23937 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Drakes Branch provides valuable insights into the varying tax landscape across Charlotte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drakes Branch Tax Rate
0.62%
Average Charlotte County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drakes Branch, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Drakes Branch, Virginia
In Drakes Branch, 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 Charlotte 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. 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 Drakes Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Drakes Branch are both $390.00, found in zip code 23937.
Average Drakes Branch Assessed Value
$63,360
Average Charlotte County Assessed Value
$71,940
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drakes Branch, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | $16,240 | $39,357 | $63,360 | $98,516 | $143,313 |
Source: Ownwell
Property Tax Bills Across Drakes Branch, Virginia
In Drakes Branch, located in Charlotte County, VA, property tax bills are calculated based on the assessed value of a home. The tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $63,360, homeowners can expect varying tax bills depending on their property's specific assessment. The 25th percentile tax bill is around $239, while the 75th percentile reaches approximately $604, and the 90th percentile can be as high as $887. Several factors influence the tax bill, including property size, location, and market conditions. These elements collectively determine the assessed value, which is then multiplied by the local tax rate. Compared to the national median property tax rate of 0.99%, Drakes Branch offers relatively affordable property taxes. Homeowners benefit from understanding these factors as they directly impact their annual financial obligations. By staying informed, they can better manage their budget and anticipate any changes in their property tax responsibilities.
Average Drakes Branch Tax Bill
$390
Average Charlotte County Tax Bill
$441
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Drakes Branch, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | $101 | $239 | $390 | $604 | $887 |
Source: Ownwell