Bastian, Virginia Property Taxes
The median property tax rate in Bastian, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $80,300 in Bastian, the typical annual property tax bill is $482, well below the national median of $2,690. Property taxes in Bastian are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bastian'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 Bastian 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
Bastian, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$482
Ownwell’s Bastian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bastian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bastian 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 Bastian, Virginia
Property taxes in Bastian, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bastian is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Bastian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bastian 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 Bastian's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24314 has both the highest and lowest median property tax rate of 0.60%, which is the same as Bastian's rate. Understanding how these areas compare with Bastian provides valuable insights into the varying tax landscape across Bland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bastian Tax Rate
0.60%
Average Bland County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bastian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24314 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Bastian, Virginia
In Bastian, 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 local 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 Bastian, 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 Bastian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24314 in Bastian has the highest and lowest median tax bill at $482.
Average Bastian Assessed Value
$80,300
Average Bland County Assessed Value
$87,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bastian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24314 | $16,110 | $47,425 | $80,300 | $123,525 | $207,740 |
Source: Ownwell
Property Tax Bills Across Bastian, Virginia
In Bastian, property tax bills are determined based on the assessed value of a home, which is influenced by the market value. The median home price in Bastian is $80,300. Property taxes are calculated by applying the local tax rate to the assessed value. Factors such as property location, home improvements, and market trends can impact the assessed value, thereby affecting the tax bill. Homeowners in Bastian typically see a range of property tax bills, with the 25th percentile at $286 and the 75th percentile at $739. The 90th percentile tax bill reaches up to $1,226, reflecting higher-valued properties or those with significant improvements. The highest and lowest median tax bills in the area are both recorded at $482 in zip code 24314. These tax bills are crucial for funding local services and infrastructure, directly impacting the community. Compared to the national median property tax rate of 0.99%, Bastian's property tax rates can be considered relatively moderate, providing some relief to homeowners.
Average Bastian Tax Bill
$482
Average Bland County Tax Bill
$528
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bastian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24314 | $98 | $286 | $482 | $739 | $1,226 |
Source: Ownwell