Bishop, Virginia Property Taxes
The median property tax rate in Bishop, VA is 0.58%, 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 $24,500 in Bishop, the typical annual property tax bill is $142, well below the national median of $2,690. Property taxes in Bishop are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bishop'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 Bishop 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
Bishop, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$142
Ownwell’s Bishop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bishop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bishop 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 Bishop, Virginia
Property taxes in Bishop, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bishop is 0.58%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bishop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bishop 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 Bishop's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24604 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Bishop provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bishop Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bishop, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24604 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Bishop, Virginia
In Bishop, 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 Tazewell 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 Bishop, 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 Bishop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $142, found in the 24604 zip code.
Average Bishop Assessed Value
$24,500
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bishop, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24604 | $7,860 | $17,000 | $24,500 | $36,500 | $47,700 |
Source: Ownwell
Property Tax Bills Across Bishop, Virginia
Property tax bills in Bishop, Tazewell County, VA, are calculated based on the assessed value of a property and the local tax rate. The median home price in Bishop is $24,500, significantly lower than the national median. Homeowners can expect their tax bills to vary widely; the 25th percentile tax bill is $99, while the 75th percentile reaches $212, and the 90th percentile can go up to $277. These figures indicate a relatively modest range of property tax obligations compared to the national median property tax rate of 0.99%. The assessed value is determined by the local assessor's office, which considers factors such as the property's location, size, and condition. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, understanding these factors is crucial, as they directly impact the amount owed each year. Lower property values in Bishop generally translate to more manageable tax bills, making homeownership more affordable in this area.
Average Bishop Tax Bill
$142
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bishop, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24604 | $46 | $99 | $142 | $212 | $277 |
Source: Ownwell