Caret, Virginia Property Taxes
The median property tax rate in CARET, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in CARET, the typical annual property tax bill reaches $1,317, falling below the national median of $2,690. Property taxes in CARET are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding CARET'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 CARET 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
Caret, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,317
Ownwell’s CARET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CARET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CARET 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 Caret, Virginia
Property taxes in CARET, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in CARET is 0.77%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within CARET set these rates annually, and they can vary significantly across different neighborhoods. Each year, CARET 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 CARET's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22436 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with CARET provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caret Tax Rate
0.77%
Average Caroline County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caret, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22436 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Caret, Virginia
In CARET, 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 CARET, 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 CARET helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 22436, at $1,317, while the lowest is also 22436 at $1,317.
Average Caret Assessed Value
$171,000
Average Caroline County Assessed Value
$198,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caret, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22436 | $147,720 | $156,450 | $171,000 | $185,550 | $194,280 |
Source: Ownwell
Property Tax Bills Across Caret, Virginia
In CARET, located in Caroline County, VA, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $171,000, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $1,205, while those in the 75th percentile might see bills closer to $1,429. The 90th percentile tax bill reaches up to $1,496. These variations reflect differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Caroline County's rates can result in substantial tax bills, impacting homeowners' financial planning. The highest and lowest median tax bills both stand at $1,317 in the 22436 zip code, indicating a level of consistency within the area. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Caret Tax Bill
$1,317
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Caret, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22436 | $1,137 | $1,205 | $1,317 | $1,429 | $1,496 |
Source: Ownwell