Copper Hill, Virginia Property Taxes
The median property tax rate in Copper Hill, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Copper Hill at $126,800, the typical annual property tax bill is $811, well below the national median of $2,690. Property taxes in Copper Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Copper Hill'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 Copper Hill or another part of Floyd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Copper Hill, 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 Copper Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Copper Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Copper Hill 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 Copper Hill, Virginia
Property taxes in Copper Hill, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Copper Hill is 0.65%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Copper Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Copper Hill 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 Copper Hill's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24079 zip code has the highest median property tax rate of 0.65%, while the 24079 zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Copper Hill provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Copper Hill Tax Rate
0.65%
Average Floyd County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Copper Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24079 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Copper Hill, Virginia
In Copper Hill, 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 Floyd 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 Copper Hill, 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. For instance, the median home price in Copper Hill is $126,800, with tax bills ranging from $484 at the 25th percentile to $1,686 at the 90th percentile. The zip code with the highest and lowest median tax bill is 24079, with a median tax bill of $811. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Copper Hill Assessed Value
$126,800
Average Floyd County Assessed Value
$126,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Copper Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24079 | $30,470 | $80,125 | $126,800 | $187,150 | $259,510 |
Source: Ownwell
Property Tax Bills Across Copper Hill, Virginia
In Copper Hill, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Copper Hill is $126,800. To calculate the tax bill, the assessed value is multiplied by the local property tax rate. Homeowners in Copper Hill pay a median property tax bill of $811. This figure can vary significantly, with the 25th percentile tax bill at $484 and the 75th percentile at $1209. At the 90th percentile, homeowners may see tax bills as high as $1686. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. For homeowners, understanding how these elements interact can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Copper Hill Tax Bill
$811
Average Floyd County Tax Bill
$805
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Copper Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24079 | $179 | $484 | $811 | $1,209 | $1,686 |
Source: Ownwell