Swords Creek, Virginia Property Taxes
The median property tax rate in Swords Creek, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Swords Creek at $52,800, the typical annual property tax bill reaches $333, well below the national median of $2,690. Property taxes in Swords Creek 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 Swords Creek'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 Swords Creek 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
Swords Creek, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$333
Ownwell’s Swords Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swords Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swords Creek 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 Swords Creek, Virginia
Property taxes in Swords Creek, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swords Creek is 0.63%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Swords Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swords Creek 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 Swords Creek's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24649 has both the highest and lowest median property tax rate of 0.63%, reflecting the uniformity in tax rates within the area. Understanding how these figures compare with Swords Creek 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 Swords Creek 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 Swords Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24649 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Swords Creek, Virginia
In Swords Creek, 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 Swords Creek, 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 highest median tax bill in Swords Creek is $333 in the 24649 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swords Creek Assessed Value
$52,800
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 Swords Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24649 | $18,640 | $33,600 | $52,800 | $84,050 | $123,740 |
Source: Ownwell
Property Tax Bills Across Swords Creek, Virginia
In Swords Creek, Russell County, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to the assessed value to determine the annual property tax bill. For instance, with a median home price of $52,800, homeowners can expect varying tax bills. The 25th percentile tax bill is around $212, while the 75th percentile reaches $530, and the 90th percentile can be as high as $780. These figures reflect the range of property tax burdens within the area. Factors influencing the tax bill include the assessed value of the property and the local tax rate. Compared to the national median property tax rate of 0.99%, Russell County's rates are relatively moderate, making it more affordable for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Swords Creek Tax Bill
$333
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Swords Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24649 | $117 | $212 | $333 | $530 | $780 |
Source: Ownwell