Palmyra, Virginia Property Taxes
The median property tax rate in Palmyra, VA is 0.84%, 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 $256,800 in Palmyra, the typical annual property tax bill amounts to $2,168, falling below the national median of $2,690. Property taxes in Palmyra 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 Palmyra'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 Palmyra or another part of Fluvanna County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmyra, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$2,157
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Virginia
Property taxes in Palmyra, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.84%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22963 has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Palmyra provides valuable insights into the varying tax landscape across Fluvanna County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
0.84%
Average Fluvanna County Tax Rate
0.84%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22963 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palmyra, 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 Fluvanna 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Palmyra is $256,800, with the 25th percentile tax bill at $1,655 and the 75th percentile at $2,922. The highest and lowest median tax bills in the area are both $2,168, found in the 22963 zip code.
Average Palmyra Assessed Value
$256,800
Average Fluvanna County Assessed Value
$247,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmyra, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22963 | $152,300 | $196,100 | $256,800 | $346,200 | $496,800 |
Source: Ownwell
Property Tax Bills Across Palmyra, Virginia
In Palmyra, Fluvanna County, 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 and reflects the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the tax bill, including the home's market value, property size, and any applicable exemptions or deductions. For instance, the median home price in Palmyra is $256,800. Homeowners in the 25th percentile pay around $1,655, while those in the 75th percentile pay about $2,922 annually. At the 90th percentile, the tax bill can reach up to $4,193. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Palmyra's rates can vary, impacting homeowners differently based on their property's assessed value and specific circumstances.
Average Palmyra Tax Bill
$2,168
Average Fluvanna County Tax Bill
$2,092
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22963 | $1,284 | $1,655 | $2,168 | $2,922 | $4,193 |
Source: Ownwell