Catawba, Virginia Property Taxes
The median property tax rate in Catawba, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Catawba at $135,700, the typical annual property tax bill amounts to $841, which is well below the national median of $2,690. Property taxes in Catawba are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Catawba's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Catawba or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Catawba, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$855
Ownwell’s Catawba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Catawba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Catawba 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 Catawba, Virginia
Property taxes in Catawba, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Catawba is 0.63%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Catawba set these rates annually, and they can vary across different neighborhoods. Each year, Catawba 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 Catawba's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24070 has both the highest and lowest median property tax rate of 0.63%, matching Catawba's rate. Understanding how these cities compare with Catawba provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Catawba Tax Rate
0.63%
Average Craig County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Catawba, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24070 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Catawba, Virginia
In Catawba, 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 Catawba, 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 Catawba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 24070 zip code, the median tax bill is $841, which is the highest and lowest median tax bill recorded in the area.
Average Catawba Assessed Value
$135,700
Average Craig County Assessed Value
$106,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Catawba, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24070 | $33,310 | $66,975 | $135,700 | $197,025 | $267,350 |
Source: Ownwell
Property Tax Bills Across Catawba, Virginia
In Catawba, VA, property tax bills are calculated based on the assessed value of your 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. Factors such as property size, location, and market conditions play a crucial role in determining the assessed value. For instance, with a median home price of $135,700, homeowners can expect tax bills ranging from $413 at the 25th percentile to $1,693 at the 90th percentile. Comparatively, Catawba's tax rate is competitive, especially when measured against the national median property tax rate of 0.99%. This means that homeowners in Catawba generally face lower tax burdens, making it an attractive area for property investment. However, the variability in tax bills highlights the importance of understanding local assessments and staying informed about any changes in property valuation or tax rates.
Average Catawba Tax Bill
$841
Average Craig County Tax Bill
$663
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Catawba, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24070 | $209 | $413 | $841 | $1,240 | $1,693 |
Source: Ownwell