Phenix, Virginia Property Taxes
The median property tax rate in Phenix, 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 Phenix at $75,832, the typical annual property tax bill reaches $466, significantly below the national median of $2,690. Property taxes in Phenix 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 Phenix'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 Phenix 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
Phenix, 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 Phenix Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phenix with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phenix 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 Phenix, Virginia
Property taxes in Phenix, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phenix is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Phenix set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phenix 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 Phenix's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23959 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Phenix 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 Phenix 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 Phenix, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23959 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Phenix, Virginia
In Phenix, 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 Charlotte 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 Phenix, 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 Phenix helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Phenix is $466, with zip code 23959 having both the highest and lowest median tax bills at $466. The 25th percentile tax bill is $263, while the 75th percentile reaches $742, and the 90th percentile climbs to $1,087.
Average Phenix Assessed Value
$75,832
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 Phenix, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23959 | $17,282 | $43,801 | $75,832 | $120,530 | $177,293 |
Source: Ownwell
Property Tax Bills Across Phenix, Virginia
In Phenix, property tax bills are calculated based on the assessed value of a home, which is determined by the Charlotte County assessor’s office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $75,832, homeowners in Phenix can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $263, while the 75th percentile reaches $742, and the 90th percentile can go up to $1,087. This variation in tax bills can significantly affect homeowners, as those with higher-valued properties or properties in more desirable locations may face higher tax obligations. Comparatively, the median property tax rate in Phenix is lower than the national median of 0.99%, making it relatively more affordable for homeowners in this region. Understanding these factors can help homeowners better anticipate their annual property tax responsibilities.
Average Phenix Tax Bill
$466
Average Charlotte County Tax Bill
$441
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Phenix, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23959 | $105 | $263 | $466 | $742 | $1,087 |
Source: Ownwell