Bassett, Virginia Property Taxes
The median property tax rate in Bassett, VA is 0.73%, which is lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $76,200 in Bassett, the typical annual property tax bill amounts to $556, significantly below the national median of $2,690. Property taxes in Bassett are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Bassett's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Bassett or another part of the city, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Bassett, 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 Bassett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bassett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bassett 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 Bassett, Virginia
Property taxes in Bassett, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bassett is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Bassett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bassett 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 Bassett's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24055 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Bassett provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bassett Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bassett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24055 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Bassett, Virginia
In Bassett, 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 Patrick County Assessor's Office 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 Bassett, 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 Bassett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $556, found in zip code 24055.
Average Bassett Assessed Value
$76,200
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bassett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24055 | $12,400 | $33,200 | $76,200 | $116,400 | $173,740 |
Source: Ownwell
Property Tax Bills Across Bassett, Virginia
In Bassett, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. The tax rate, set by local government authorities, is then applied to this assessed value to calculate the annual tax bill. For homeowners in Bassett, the median home price is $76,200. The tax bills can vary significantly, with the 25th percentile at $242 and the 75th percentile reaching $850. Those at the 90th percentile may see tax bills as high as $1,268. The highest median tax bill in the area is $556, found in the 24055 zip code. Comparatively, the national median property tax rate is 0.99%, making Bassett's tax rates relatively moderate. These taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners must budget for these annual expenses to maintain financial stability.
Average Bassett Tax Bill
$556
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bassett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24055 | $91 | $242 | $556 | $850 | $1,268 |
Source: Ownwell