Red Oak, Virginia Property Taxes
The median property tax rate in Red Oak, VA is 0.62%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Red Oak at $72,535, the typical annual property tax bill amounts to $444, well below the national median of $2,690. Property taxes in Red Oak 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 Red Oak'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 Red Oak 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
Red Oak, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$450
Ownwell’s RED OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RED OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RED OAK 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 Red Oak, Virginia
Property taxes in Red Oak, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Oak is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Red Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Oak 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 Red Oak's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23964 has both the highest and lowest median property tax rate in the region at 0.62%. Understanding how these areas compare with Red Oak 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 Red Oak 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 Red Oak, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23964 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Red Oak, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Red Oak, Virginia. 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. 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 Red Oak is $72,535, with tax bills ranging from $212 at the 25th percentile to $959 at the 90th percentile. The zip code with the highest and lowest median tax bill is 23964, both at $444. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Red Oak Assessed Value
$72,535
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 Red Oak, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23964 | $14,621 | $35,342 | $72,535 | $112,185 | $154,563 |
Source: Ownwell
Property Tax Bills Across Red Oak, Virginia
Property tax bills in Red Oak, Charlotte County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. In Red Oak, the median home price is $72,535, and property tax rates can vary, but they generally align with the national median property tax rate of 0.99%. For homeowners in Red Oak, property tax bills can range significantly. At the 25th percentile, the tax bill is around $212, while at the 75th percentile, it rises to $690. The 90th percentile sees tax bills as high as $959. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Understanding how these factors influence property taxes can help homeowners plan their finances more effectively.
Average Red Oak Tax Bill
$444
Average Charlotte County Tax Bill
$441
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Oak, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23964 | $90 | $212 | $444 | $690 | $959 |
Source: Ownwell