Claremont, Virginia Property Taxes
The median property tax rate in Claremont, VA is 0.71%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $147,400 in Claremont, the typical annual property tax bill is $1,047, falling below the national median of $2,690. Property taxes in Claremont are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Navigating Claremont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Claremont 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
Claremont, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,047
Ownwell’s Claremont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Claremont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Claremont 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 Claremont, Virginia
Property taxes in Claremont, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Claremont is 0.71%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Claremont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Claremont 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 Claremont's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23899 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these areas compare with Claremont provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Claremont Tax Rate
0.71%
Average Surry County Tax Rate
0.71%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Claremont, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23899 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Claremont, Virginia
In Claremont, 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 local 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 Claremont, 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 Claremont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Claremont are both $1047, found in zip code 23899.
Average Claremont Assessed Value
$147,400
Average Surry County Assessed Value
$193,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Claremont, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23899 | $39,140 | $85,650 | $147,400 | $220,975 | $296,690 |
Source: Ownwell
Property Tax Bills Across Claremont, Virginia
In Claremont, 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 Claremont is $147,400, which serves as a basis for determining the taxable value. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $608 and the 75th percentile at $1,569. For those in the 90th percentile, tax bills can reach up to $2,106. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The assessed value is determined by local authorities and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Compared to the national median property tax rate of 0.99%, Claremont's tax rates can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and what factors might affect them.
Average Claremont Tax Bill
$1,047
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Claremont, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23899 | $278 | $608 | $1,047 | $1,569 | $2,106 |
Source: Ownwell