Caret, Virginia Property Taxes
The median property tax rate in CARET, VA is 0.73%, 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 at $138,564, the typical annual property tax bill amounts to $1,001, significantly below the national median of $2,690. Property taxes in CARET are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding CARET'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 CARET or another part of the city, familiarizing yourself with 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
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
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 essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in CARET is 0.73%, which is 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 the highest median property tax rate of 0.73%, while the same zip code has the lowest median tax rate of 0.73%. Understanding how these cities compare with CARET provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caret Tax Rate
0.73%
Average Essex County Tax Rate
0.73%
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 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Caret, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in CARET, Essex County, 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 local authorities 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. For instance, the median home price in CARET is $138,564, with tax bills ranging from $673 at the 25th percentile to $1,992 at the 90th percentile. The zip code with the highest and lowest median tax bill is 22436, both at $1,001.
Average Caret Assessed Value
$138,564
Average Essex County Assessed Value
$164,800
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 | $48,985 | $92,134 | $138,564 | $208,975 | $297,494 |
Source: Ownwell
Property Tax Bills Across Caret, Virginia
In CARET, Essex County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value reflects the market value of the property. Homeowners in this area see a range of property tax bills depending on their home’s assessed value. For instance, the 25th percentile tax bill is $673, while the 75th percentile reaches $1509, and the 90th percentile goes up to $1992. These tax bills are influenced by several factors, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Essex County homeowners might find their tax rates comparable, but the actual bill varies significantly based on the home's value. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly. This variability in tax bills ensures that homeowners contribute fairly based on the value of their properties.
Average Caret Tax Bill
$1,001
Average Essex County Tax Bill
$1,202
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 | $361 | $673 | $1,001 | $1,509 | $1,992 |
Source: Ownwell