Bacova, Virginia Property Taxes
The median property tax rate in Bacova, VA is 0.60%, 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 $100,900 in Bacova, the typical annual property tax bill amounts to $605, significantly less than the national median of $2,690. Property taxes in Bacova are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bacova's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Bacova or investing in real estate there, comprehending the local property tax structure will benefit you financially.
Last Updated June 14, 2024
Bacova, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$605
Ownwell’s Bacova Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bacova with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bacova 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 Bacova, Virginia
Property taxes in Bacova, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bacova is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bacova set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bacova 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 Bacova's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24412 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Bacova provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bacova Tax Rate
0.60%
Average Bath County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bacova, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24412 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Bacova, Virginia
In Bacova, 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 Bath 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 Bacova, 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 Bacova helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24412, with a median tax bill of $605.
Average Bacova Assessed Value
$100,900
Average Bath County Assessed Value
$145,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bacova, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24412 | $83,040 | $93,700 | $100,900 | $135,800 | $167,960 |
Source: Ownwell
Property Tax Bills Across Bacova, Virginia
In Bacova, located in Bath County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which is periodically evaluated by county assessors. Factors such as property size, location, and improvements can influence this assessed value. For homeowners in Bacova, the median home price stands at $100,900. The tax bill varies significantly, with the 25th percentile at $562 and the 75th percentile at $815. At the 90th percentile, homeowners might see tax bills as high as $1,008. Compared to the national median property tax rate of 0.99%, Bacova's tax rates are relatively moderate, offering some financial relief to homeowners. However, it's important to note that even within Bacova, the median tax bill can vary, with some areas like the 24412 zip code showing a consistent median tax bill of $605. This variability means that homeowners need to stay informed about their specific property assessments and tax rates to better manage their annual expenses.
Average Bacova Tax Bill
$605
Average Bath County Tax Bill
$864
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bacova, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24412 | $498 | $562 | $605 | $815 | $1,008 |
Source: Ownwell