Cullen, Virginia Property Taxes
The median property tax rate in Cullen, VA is 0.62%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Cullen, the typical annual property tax bill reaches $470, well below the national median of $2,690. Property taxes in Cullen 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 Cullen'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 Cullen 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
Cullen, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$470
Ownwell’s Cullen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cullen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cullen 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 Cullen, Virginia
Property taxes in Cullen, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cullen is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Cullen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cullen 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 Cullen's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23934 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Cullen provides valuable insights into the varying tax landscape across Charlotte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cullen Tax Rate
0.62%
Average Charlotte County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cullen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23934 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Cullen, Virginia
In Cullen, 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 Cullen, 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 Cullen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $470.00, found in the zip code 23934.
Average Cullen Assessed Value
$75,835
Average Charlotte County Assessed Value
$71,940
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cullen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23934 | $19,019 | $39,930 | $75,835 | $132,700 | $181,147 |
Source: Ownwell
Property Tax Bills Across Cullen, Virginia
In Cullen, VA, located in Charlotte County, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $75,835, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill stands at $248, while those in the 75th percentile pay around $823, and the 90th percentile reaches up to $1,123. These figures illustrate the range of property tax obligations homeowners might face, depending on the assessed value of their property and the corresponding tax rate. Compared to the national median property tax rate of 0.99%, Cullen's tax rates can result in considerably different tax bills, impacting homeowners' annual financial planning. Understanding these factors helps homeowners anticipate their tax liabilities and manage their budgets accordingly.
Average Cullen Tax Bill
$470
Average Charlotte County Tax Bill
$441
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cullen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23934 | $118 | $248 | $470 | $823 | $1,123 |
Source: Ownwell