Natural Bridge Station, Virginia Property Taxes
The median property tax rate in Natural Bridge Station, VA is 0.72%, 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 $540,900 in Natural Bridge Station, the typical annual property tax bill reaches $3,431, surpassing the national median of $2,690. Property taxes in Natural Bridge Station 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 Natural Bridge Station'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 Natural Bridge Station or another part of Botetourt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Natural Bridge Station, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$3,894
Ownwell’s NATURAL BRIDGE STATION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NATURAL BRIDGE STATION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NATURAL BRIDGE STATION 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 Natural Bridge Station, Virginia
Property taxes in Natural Bridge Station, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Natural Bridge Station is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Natural Bridge Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Natural Bridge Station 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 Natural Bridge Station's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24579 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Natural Bridge Station 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 Natural Bridge Station Tax Rate
0.72%
Average Botetourt County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Natural Bridge Station, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24579 | 0.56% | 0.64% | 0.72% | 0.77% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Natural Bridge Station, Virginia
In Natural Bridge Station, 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. 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 Natural Bridge Station 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 24579, both with a value of $3,431.
Property Tax Assessment Values Across Natural Bridge Station, Virginia
Source: Ownwell
$55,150
$298,025
$540,900
Average Natural Bridge Station Assessed Value
$540,900
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 Natural Bridge Station, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24579 | $178,200 | $305,575 | $540,900 | $757,625 | $1,380,750 |
Source: Ownwell
Property Tax Bills Across Natural Bridge Station, Virginia
In Natural Bridge Station, located in Botetourt County, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Natural Bridge Station, the median home price is $540,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,761 and the 75th percentile reaching $5,462. The 90th percentile tax bill can be as high as $10,644. These variations depend on factors such as property size, location, and improvements made to the property. Compared to the national median property tax rate of 0.99%, homeowners in Natural Bridge Station may experience a range of tax burdens. Understanding how these factors influence the tax bill can help homeowners better plan for their annual expenses and make informed decisions about property investments.
Average Natural Bridge Station Tax Bill
$3,431
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Natural Bridge Station, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24579 | $1,168 | $1,761 | $3,431 | $5,462 | $10,644 |
Source: Ownwell