Coeburn, Virginia Property Taxes
The median property tax rate in Coeburn, VA is 0.69%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Coeburn at $72,600, the typical annual property tax bill reaches $480, significantly below the national median of $2,690. Property taxes in Coeburn 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 Coeburn'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 Coeburn 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
Coeburn, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Coeburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coeburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coeburn 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 Coeburn, Virginia
Property taxes in Coeburn, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coeburn is 0.69%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Coeburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coeburn 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 Coeburn's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24230 zip code has the highest median property tax rate of 0.69%, while the 24230 zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Coeburn provides valuable insights into the varying tax landscape across Wise County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coeburn Tax Rate
0.69%
Average Wise County Tax Rate
0.69%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coeburn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24230 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Coeburn, Virginia
In Coeburn, 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 Wise 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 Coeburn, 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. The median home price in Coeburn is $72,600, with tax bills ranging from $304 at the 25th percentile to $991 at the 90th percentile. The zip code 24230 has both the highest and lowest median tax bill at $480. By understanding 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 Coeburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coeburn Assessed Value
$72,600
Average Wise County Assessed Value
$75,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coeburn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24230 | $30,600 | $48,100 | $72,600 | $105,700 | $146,800 |
Source: Ownwell
Property Tax Bills Across Coeburn, Virginia
In Coeburn, Wise County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Coeburn is $72,600. To determine the tax bill, the assessed value is multiplied by the local tax rate. Various factors influence the assessed value, including the property's size, location, condition, and market trends. For homeowners, property taxes can vary significantly. In Coeburn, the 25th percentile tax bill is $304, while the 75th percentile tax bill is $713. Those at the 90th percentile face tax bills as high as $991. The highest median tax bill in the area is $480, which is consistent across different zip codes within Wise County. Compared to the national median property tax rate of 0.99%, Coeburn's tax rates can be seen as relatively moderate, affecting homeowners' annual financial planning. Understanding these factors helps homeowners anticipate their property tax obligations accurately.
Average Coeburn Tax Bill
$480
Average Wise County Tax Bill
$501
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Coeburn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24230 | $172 | $304 | $480 | $713 | $991 |
Source: Ownwell