Fincastle, Virginia Property Taxes
The median property tax rate in Fincastle, VA is 0.79%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $225,500 in Fincastle, the typical annual property tax bill comes to $1,640, significantly below the national median of $2,690. Property taxes in Fincastle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Fincastle'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 Fincastle or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fincastle, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,781
Ownwell’s Fincastle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fincastle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fincastle 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 Fincastle, Virginia
Property taxes in Fincastle, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fincastle is 0.79%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Fincastle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fincastle 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 Fincastle's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24090 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Fincastle provides valuable insights into the varying tax landscape across Botetourt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fincastle Tax Rate
0.79%
Average Botetourt County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fincastle, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24090 | 0.50% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Fincastle, Virginia
In Fincastle, 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 Botetourt 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 Fincastle, 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. The median home price in Fincastle is $225,500, with tax bills ranging from $965 at the 25th percentile to $3,402 at the 90th percentile. The highest and lowest median tax bills are both $1,640 in zip code 24090. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fincastle Assessed Value
$225,500
Average Botetourt County Assessed Value
$201,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fincastle, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24090 | $81,690 | $131,700 | $225,500 | $332,375 | $474,250 |
Source: Ownwell
Property Tax Bills Across Fincastle, Virginia
In Fincastle, located in Botetourt County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Fincastle can expect a median home price of $225,500. The tax bill is influenced by various factors, including the property's location, size, and condition. For instance, the 25th percentile tax bill is around $965, while the 75th percentile tax bill is approximately $2,417. At the higher end, the 90th percentile tax bill reaches $3,402. These property taxes contribute significantly to local services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, Fincastle's tax rates are competitive, making it an attractive place for homeowners who seek a balance between property value and tax responsibility.
Average Fincastle Tax Bill
$1,640
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fincastle, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24090 | $480 | $965 | $1,640 | $2,417 | $3,402 |
Source: Ownwell