Clinchco, Virginia Property Taxes
The median property tax rate in Clinchco, VA is 0.60%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Clinchco, the typical annual property tax bill reaches $285, significantly below the national median of $2,690. Property taxes in Clinchco 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 Clinchco'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 Clinchco 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
Clinchco, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$279
Ownwell’s Clinchco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clinchco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clinchco 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 Clinchco, Virginia
Property taxes in Clinchco, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clinchco is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Clinchco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clinchco 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 Clinchco's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24226 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Clinchco provides valuable insights into the varying tax landscape across Dickenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clinchco Tax Rate
0.60%
Average Dickenson County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clinchco, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24226 | 0.60% | 0.60% | 0.60% | 0.60% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Clinchco, Virginia
In Clinchco, 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 Dickenson 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 Clinchco, 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 Clinchco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 24226 has both the highest and lowest median tax bill at $285, reflecting the unique property tax landscape in the area.
Average Clinchco Assessed Value
$46,450
Average Dickenson County Assessed Value
$51,100
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clinchco, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24226 | $10,490 | $23,600 | $46,450 | $71,975 | $99,720 |
Source: Ownwell
Property Tax Bills Across Clinchco, Virginia
In Clinchco, located in Dickenson County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's tax assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Clinchco, the median home price is $46,450. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Clinchco can expect tax bills to vary widely. For example, the 25th percentile tax bill is $153, while the 75th percentile tax bill is $433, and the 90th percentile tax bill reaches up to $600. Comparatively, the median tax bill in Clinchco is $285, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes may have limited resources.
Average Clinchco Tax Bill
$285
Average Dickenson County Tax Bill
$312
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Clinchco, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24226 | $66 | $153 | $285 | $433 | $600 |
Source: Ownwell