Penhook, Virginia Property Taxes
The median property tax rate in Penhook, VA is 0.64%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $226,700 in Penhook, the typical annual property tax bill is $1,493, falling well below the national median of $2,690. Property taxes in Penhook are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Penhook'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 Penhook or another part of Pittsylvania County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Penhook, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,451
Ownwell’s Penhook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penhook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penhook 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 Penhook, Virginia
Property taxes in Penhook, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penhook is 0.64%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Penhook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penhook 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 Penhook's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24137 zip code has the highest median property tax rate of 0.64%, while the 24137 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Penhook provides valuable insights into the varying tax landscape across Pittsylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penhook Tax Rate
0.64%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penhook, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24137 | 0.62% | 0.62% | 0.64% | 0.67% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Penhook, Virginia
In Penhook, 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 Pittsylvania 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 Penhook, 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. For instance, the zip code 24137 has the highest median tax bill at $1,493, while the lowest median tax bill also stands at $1,493. Being aware of these valuation processes in Penhook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penhook Assessed Value
$226,700
Average Pittsylvania County Assessed Value
$56,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penhook, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24137 | $16,840 | $63,025 | $226,700 | $394,700 | $518,620 |
Source: Ownwell
Property Tax Bills Across Penhook, Virginia
In Penhook, Pittsylvania County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in Penhook stands at $226,700. Homeowners' tax bills can vary significantly due to the assessed value and the local tax rate. The 25th percentile tax bill is $465, reflecting lower-valued properties or those with exemptions. On the other end, the 75th percentile tax bill is $2,480, and the 90th percentile reaches up to $3,358, indicating higher-valued properties or fewer exemptions. The tax rate in Penhook is a critical factor, as it determines the percentage of the assessed value that homeowners must pay. This rate is compared to the national median property tax rate of 0.99%, offering a sense of how local taxes measure up. Homeowners need to be aware of their property’s assessed value and any applicable exemptions or deductions, which can influence their overall tax liability. Accurate assessments and understanding local tax rates are essential for effective financial planning and avoiding unexpected tax burdens.
Average Penhook Tax Bill
$1,493
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Penhook, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24137 | $119 | $465 | $1,493 | $2,480 | $3,358 |
Source: Ownwell