Carrollton, Virginia Property Taxes
The median property tax rate in Carrollton, VA is 0.72%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $324,300 in Carrollton, the typical annual property tax bill amounts to $2,273, falling below the national median of $2,690. Property taxes in Carrollton are calculated based on the tax assessed value, which generally is less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Carrollton'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 Carrollton or another part of Isle of Wight County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carrollton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$2,335
Ownwell’s Carrollton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carrollton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carrollton 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 Carrollton, Virginia
Property taxes in Carrollton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carrollton is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Carrollton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carrollton 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 Carrollton's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23314 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Carrollton provides valuable insights into the varying tax landscape across Isle of Wight County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carrollton Tax Rate
0.72%
Average Isle Of Wight County Tax Rate
0.72%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carrollton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23314 | 0.71% | 0.72% | 0.72% | 0.73% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Carrollton, Virginia
In Carrollton, 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 Isle of Wight 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 Carrollton, 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. The median home price in Carrollton is $324,300, with tax bills ranging from $1,115 at the 25th percentile to $4,182 at the 90th percentile. The zip code 23314 has the highest and lowest median tax bill at $2,273. 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 Carrollton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carrollton Assessed Value
$324,300
Average Isle Of Wight County Assessed Value
$278,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carrollton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23314 | $20,000 | $181,100 | $324,300 | $457,350 | $588,070 |
Source: Ownwell
Property Tax Bills Across Carrollton, Virginia
In Carrollton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the median home price, which stands at $324,300, play a significant role in this calculation. Homeowners in Carrollton can expect a range of property tax bills. For instance, those in the 25th percentile pay around $1,115, while those in the 75th percentile face bills closer to $3,230. At the higher end, the 90th percentile sees tax bills as high as $4,182. The highest median tax bill in the area is $2,273, which is notably above the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for Carrollton residents. Homeowners need to consider these taxes as a part of their overall housing costs.
Average Carrollton Tax Bill
$2,273
Average Isle Of Wight County Tax Bill
$1,948
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Carrollton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23314 | $71 | $1,115 | $2,273 | $3,230 | $4,182 |
Source: Ownwell