Pittsville, Virginia Property Taxes
The median property tax rate in Pittsville, 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 Pittsville at $39,400, the typical annual property tax bill reaches $258, significantly below the national median of $2,690. Property taxes in Pittsville 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 Pittsville'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 Pittsville 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
Pittsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$244
Ownwell’s Pittsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pittsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pittsville 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 Pittsville, Virginia
Property taxes in Pittsville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pittsville is 0.62%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Pittsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pittsville 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 Pittsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24139 zip code has the highest median property tax rate of 0.62%, while the 24139 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Pittsville 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 Pittsville Tax Rate
0.62%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pittsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24139 | 0.62% | 0.62% | 0.62% | 0.69% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Pittsville, Virginia
In Pittsville, 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 Pittsville, 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 Pittsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $258 in the 24139 zip code, while the lowest median tax bill is also $258 in the same zip code.
Average Pittsville Assessed Value
$39,400
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 Pittsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24139 | $4,150 | $15,000 | $39,400 | $92,700 | $172,000 |
Source: Ownwell
Property Tax Bills Across Pittsville, Virginia
Property tax bills in Pittsville, VA, are calculated based on the assessed value of a property. The local assessor determines this value, which is then multiplied by the tax rate set by Pittsylvania County. For homeowners, this means that the higher the assessed value of their property, the higher their tax bill will be. Several factors influence the assessed value, including the property's market value, location, size, and any improvements made. In Pittsville, the median home price is $39,400. Homeowners in the 25th percentile can expect a tax bill around $93, while those in the 75th percentile might see a bill closer to $620. The 90th percentile tax bill can reach up to $1,053. Comparatively, the median property tax rate in Pittsville is significantly lower than the national median of 0.99%, making it a relatively affordable area for property taxes. This lower tax burden can be a considerable advantage for homeowners, contributing to overall housing affordability in the region.
Average Pittsville Tax Bill
$258
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Pittsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24139 | $25 | $93 | $258 | $620 | $1,053 |
Source: Ownwell