Carrsville, Virginia Property Taxes
The median property tax rate in Carrsville, VA is 0.73%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Carrsville at $210,900, the typical annual property tax bill amounts to $1,473, which is below the national median of $2,690. Property taxes in Carrsville are determined based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Carrsville'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 Carrsville or another part of Isle of Wight County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carrsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,540
Ownwell’s Carrsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carrsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carrsville 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 Carrsville, Virginia
Property taxes in Carrsville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carrsville is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Carrsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carrsville 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 Carrsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23315 zip code has the highest median property tax rate of 0.73%, while the 23315 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Carrsville 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 Carrsville Tax Rate
0.73%
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 Carrsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23315 | 0.71% | 0.71% | 0.73% | 0.74% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Carrsville, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carrsville, VA. 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 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 Carrsville, 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. The median home price in Carrsville is $210,900, with tax bills ranging from $337 at the 25th percentile to $3,018 at the 90th percentile. The zip code with the highest and lowest median tax bill is 23315, both at $1,473. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carrsville Assessed Value
$210,900
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 Carrsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23315 | $7,780 | $59,150 | $210,900 | $308,375 | $421,520 |
Source: Ownwell
Property Tax Bills Across Carrsville, Virginia
In Carrsville, located in Isle of Wight County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. For homeowners in Carrsville, understanding these factors is crucial as they directly impact the annual property tax bill. The median home price in the area is $210,900, and property tax bills vary significantly. The tax bill at the 25th percentile is $337, while at the 75th percentile, it reaches $2,202, and at the 90th percentile, it can go up to $3,018. These figures highlight the range of property tax bills homeowners might expect, depending on their home's assessed value. Compared to the national median property tax rate of 0.99%, Carrsville's rates can be more favorable, providing some relief to local homeowners.
Average Carrsville Tax Bill
$1,473
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 Carrsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23315 | $54 | $337 | $1,473 | $2,202 | $3,018 |
Source: Ownwell