Barboursville, Virginia Property Taxes
The median property tax rate in Barboursville, VA is 0.85%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value in Barboursville of $425,150, the typical annual property tax bill is approximately $3,355, surpassing the national median of $2,690. Property taxes in Barboursville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Barboursville'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 Barboursville or another part of Albemarle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barboursville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$3,614
Ownwell’s Barboursville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barboursville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barboursville 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 Barboursville, Virginia
Property taxes in Barboursville, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barboursville is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Barboursville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barboursville 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 Barboursville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22923 zip code has the highest median property tax rate of 0.85%, while the 22923 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Barboursville provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barboursville Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barboursville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22923 | 0.43% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Barboursville, Virginia
In Barboursville, 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 Albemarle 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 Barboursville, 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. Barboursville's median home price is $425,150, with the 25th percentile tax bill at $2,372 and the 75th percentile tax bill at $4,975. The highest and lowest median tax bills, both at $3,355, are found in the 22923 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Barboursville, Virginia
Source: Ownwell
$196,950
$442,825
$688,700
Average Barboursville Assessed Value
$425,150
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barboursville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22923 | $189,250 | $302,450 | $425,150 | $630,450 | $868,350 |
Source: Ownwell
Property Tax Bills Across Barboursville, Virginia
In Barboursville, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For instance, in Albemarle County, where Barboursville is located, the median home price is $425,150. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $2,372 and the 75th percentile tax bill reaching $4,975. The tax bill can go as high as $7,032 for those in the 90th percentile. Factors such as market conditions, property improvements, and neighborhood changes can influence the assessed value. Compared to the national median property tax rate of 0.99%, the rates in Barboursville can be a crucial factor for homeowners when budgeting for annual expenses. Understanding these calculations helps homeowners anticipate their financial obligations and manage their property investments effectively.
Average Barboursville Tax Bill
$3,355
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Barboursville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22923 | $1,360 | $2,372 | $3,355 | $4,975 | $7,032 |
Source: Ownwell