Kenbridge, Virginia Property Taxes
The median property tax rate in Kenbridge, VA is 0.38%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $81,900 in Kenbridge, the typical annual property tax bill is $317, well below the national median of $2,690. Property taxes in Kenbridge are calculated based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Kenbridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kenbridge or another part of Lunenburg County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kenbridge, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$311
Ownwell’s Kenbridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenbridge 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 Kenbridge, Virginia
Property taxes in Kenbridge, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenbridge is 0.38%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Kenbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenbridge 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 Kenbridge's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is significantly higher, while the lowest median tax rate is also lower. Understanding how these cities compare with Kenbridge provides valuable insights into the varying tax landscape across Lunenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenbridge Tax Rate
0.38%
Average Lunenburg County Tax Rate
0.38%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenbridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23944 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Kenbridge, Virginia
In Kenbridge, 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 Lunenburg County Assessor 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 Kenbridge, 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 Kenbridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kenbridge Assessed Value
$81,900
Average Lunenburg County Assessed Value
$83,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenbridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23944 | $18,620 | $42,000 | $81,900 | $143,700 | $222,180 |
Source: Ownwell
Property Tax Bills Across Kenbridge, Virginia
Property tax bills in Kenbridge, Lunenburg County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Kenbridge can expect their tax bills to vary significantly depending on their property's assessed value. For example, for homes at the 25th percentile, the tax bill is around $165, while those at the 75th percentile face a tax bill of approximately $549. At the 90th percentile, the tax bill can reach up to $850. The median home price in Kenbridge is $81,900, which is considerably lower than the national median property tax rate of 0.99%. This means homeowners in Kenbridge generally pay less in property taxes compared to the national average. However, the financial impact on homeowners can still be significant, influencing decisions on buying, selling, or maintaining properties.
Average Kenbridge Tax Bill
$317
Average Lunenburg County Tax Bill
$320
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenbridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23944 | $76 | $165 | $317 | $549 | $850 |
Source: Ownwell