Dungannon, Virginia Property Taxes
The median property tax rate in Dungannon, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Dungannon being $110,050, the typical annual property tax bill is $693, which is well below the national median of $2,690. Property taxes in Dungannon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dungannon'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 Dungannon 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
Dungannon, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$693
Ownwell’s Dungannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dungannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dungannon 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 Dungannon, Virginia
Property taxes in Dungannon, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dungannon is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Dungannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dungannon 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 Dungannon's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24245 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Dungannon provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dungannon Tax Rate
0.63%
Average Russell County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dungannon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24245 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Dungannon, Virginia
In Dungannon, 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 Russell 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 Dungannon, 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. With a median home price of $110,050, the tax bills in Dungannon vary, with the 25th percentile tax bill at $590 and the 75th percentile at $796. The highest median tax bill in the area is $693 in the 24245 zip code, which also has the lowest median tax bill at the same value. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dungannon Assessed Value
$110,050
Average Russell County Assessed Value
$78,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dungannon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24245 | $83,930 | $93,725 | $110,050 | $126,375 | $136,170 |
Source: Ownwell
Property Tax Bills Across Dungannon, Virginia
In Dungannon, located in Russell County, VA, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in Dungannon is $110,050. Homeowners can expect their annual property tax bill to vary within a range, with the 25th percentile at $590 and the 75th percentile at $796. At the 90th percentile, the tax bill can reach up to $858. The property tax rate in Dungannon is influenced by various factors, including local government budget needs, school funding, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Dungannon's property tax bills reflect the specific economic and administrative needs of the area. These tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding how these factors interplay helps homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Dungannon Tax Bill
$693
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dungannon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24245 | $529 | $590 | $693 | $796 | $858 |
Source: Ownwell