Valentines, Virginia Property Taxes
The median property tax rate in Valentines, VA is 0.67%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Valentines at $100,600, the typical annual property tax bill amounts to $674, significantly less than the national median of $2,690. Property taxes in Valentines are determined based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Valentines' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Valentines 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
Valentines, 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 Valentines Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valentines with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valentines 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 Valentines, Virginia
Property taxes in Valentines, Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Valentines is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Valentines set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valentines 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 Valentines' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23887 has the same median property tax rate of 0.67%. Understanding how these areas compare with Valentines provides valuable insights into the varying tax landscape across Greensville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Valentines Tax Rate
0.67%
Average Greensville County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valentines, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23887 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Valentines, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Valentines, 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 Greensville 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 Valentines, 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 Valentines helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $100,600, with the highest and lowest median tax bills recorded at $674 in zip code 23887.
Average Valentines Assessed Value
$100,600
Average Greensville County Assessed Value
$83,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Valentines, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23887 | $72,840 | $83,250 | $100,600 | $103,450 | $105,160 |
Source: Ownwell
Property Tax Bills Across Valentines, Virginia
In Valentines, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in Valentines is $100,600. The tax rate is applied to this assessed value to determine the amount owed. For instance, if your property falls within the 25th percentile, you might expect a tax bill around $558, whereas properties in the 75th percentile see bills closer to $693. The 90th percentile tax bill is approximately $705. Factors influencing your tax bill include the assessed value of your property, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Valentines offers a relatively predictable tax environment. Homeowners should stay informed about their property's assessed value and any changes in local tax rates to effectively manage their financial planning. Understanding these elements can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Valentines Tax Bill
$674
Average Greensville County Tax Bill
$563
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Valentines, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23887 | $488 | $558 | $674 | $693 | $705 |
Source: Ownwell