Center Cross, Virginia Property Taxes
The median property tax rate in Center Cross, VA is 0.73%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $173,200 in Center Cross, the typical annual property tax bill amounts to $1,277, significantly below the national median of $2,690. Property taxes in Center Cross are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Center Cross'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 Center Cross or another part of Essex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Center Cross, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,264
Ownwell’s Center Cross Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Center Cross with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Center Cross 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 Center Cross, Virginia
Property taxes in Center Cross, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Center Cross is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Center Cross set these rates annually, and they can vary significantly across different neighborhoods. Each year, Center Cross 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 Center Cross's effective property tax rate to other areas in Essex County and the national median. For comparison, the zip code 22437 has the highest median property tax rate of 0.73%, while the lowest median tax rate in the same zip code is also 0.73%. Understanding how these areas compare with Center Cross 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 Center Cross 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 Center Cross, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22437 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Center Cross, Virginia
In Center Cross, 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 Essex 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 Center Cross, 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 Center Cross helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 22437, with a median bill of $1,277, while the lowest is also 22437 with the same median bill of $1,277.
Average Center Cross Assessed Value
$173,200
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 Center Cross, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22437 | $39,455 | $120,570 | $173,200 | $264,150 | $408,720 |
Source: Ownwell
Property Tax Bills Across Center Cross, Virginia
In Center Cross, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, Essex County, where Center Cross is located, has a median home price of $173,200. Homeowners in this area can expect a tax bill ranging from $902 at the 25th percentile to $2,981 at the 90th percentile. The highest median tax bill in the county is $1,277, which is notably lower than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Lower property taxes can make homeownership more affordable, while higher taxes might necessitate budget adjustments. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Center Cross Tax Bill
$1,277
Average Essex County Tax Bill
$1,202
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Center Cross, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22437 | $348 | $902 | $1,277 | $1,890 | $2,981 |
Source: Ownwell