Blackwater, Virginia Property Taxes
The median property tax rate in Blackwater, VA is 0.62%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Blackwater at $39,000, the typical annual property tax bill reaches $241, significantly below the national median of $2,690. Property taxes in Blackwater 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 Blackwater'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 Blackwater 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
Blackwater, 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 Blackwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blackwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blackwater 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 Blackwater, Virginia
Property taxes in Blackwater, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blackwater is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Blackwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blackwater 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 Blackwater's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24221 has both the highest and the lowest median property tax rate of 0.62%. Understanding how these cities compare with Blackwater provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blackwater Tax Rate
0.62%
Average Lee County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blackwater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24221 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Blackwater, Virginia
In Blackwater, 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 Lee 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 Blackwater, 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 Blackwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Blackwater are both $241, found in the zip code 24221.
Average Blackwater Assessed Value
$39,000
Average Lee County Assessed Value
$50,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blackwater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24221 | $9,300 | $16,100 | $39,000 | $58,700 | $79,900 |
Source: Ownwell
Property Tax Bills Across Blackwater, Virginia
In Blackwater, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Blackwater is $39,000, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Blackwater can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $100, while the 75th percentile reaches $363. At the 90th percentile, tax bills can go up to $494. Compared to the national median property tax rate of 0.99%, Blackwater’s property taxes are relatively low, making it a more affordable option for homeowners. This variation in tax bills reflects the diverse property values within the city and impacts homeowners differently, depending on their property's assessed value and specific circumstances.
Average Blackwater Tax Bill
$241
Average Lee County Tax Bill
$316
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Blackwater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24221 | $58 | $100 | $241 | $363 | $494 |
Source: Ownwell