Clifton Forge, Virginia Property Taxes
The median property tax rate in Clifton Forge, VA is 0.60%, 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 $140,700 in Clifton Forge, the typical annual property tax bill amounts to $844, well below the national median of $2,690. Property taxes in Clifton Forge are calculated based on the assessed value, which often falls below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Clifton Forge'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 Clifton Forge 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
Clifton Forge, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$844
Ownwell’s Clifton Forge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clifton Forge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clifton Forge 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 Clifton Forge, Virginia
Property taxes in Clifton Forge, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clifton Forge 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 Clifton Forge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clifton Forge 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 Clifton Forge's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24422 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 Clifton Forge 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 Clifton Forge 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 Clifton Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24422 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Clifton Forge, Virginia
In Clifton Forge, 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. 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 Clifton Forge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $140,700, with the highest median tax bill being $844 in the 24422 zip code.
Average Clifton Forge Assessed Value
$140,700
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 Clifton Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24422 | $74,850 | $91,400 | $140,700 | $240,775 | $331,150 |
Source: Ownwell
Property Tax Bills Across Clifton Forge, Virginia
In Clifton Forge, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor, who evaluates the property's market value and applies an assessment ratio. Homeowners in Clifton Forge can expect their property tax bills to vary significantly, with the 25th percentile paying around $548 and the 75th percentile paying up to $1,445 annually. The highest median tax bill in the area is $844, which is relatively moderate compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential public services like schools, road maintenance, and emergency services, directly impacting the community's quality of life. For homeowners, understanding these factors is crucial for financial planning and anticipating annual expenses. The property tax rate in Clifton Forge offers a balanced approach, ensuring necessary public services while maintaining affordability for residents.
Average Clifton Forge Tax Bill
$844
Average Bath County Tax Bill
$864
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Clifton Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24422 | $449 | $548 | $844 | $1,445 | $1,987 |
Source: Ownwell