Keysville, Virginia Property Taxes
The median property tax rate in Keysville, VA is 0.38%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $93,600 in Keysville, the typical annual property tax bill amounts to $361, far below the national median of $2,690. Property taxes in Keysville are calculated based on the tax assessed value, which is typically lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Keysville'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 Keysville 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
Keysville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$356
Ownwell’s Keysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keysville 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 Keysville, Virginia
Property taxes in Keysville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keysville is 0.38%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Keysville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keysville 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 Keysville's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is significantly above Keysville's rate, while other areas in the state have rates that are more comparable. Understanding how these cities compare with Keysville provides valuable insights into the varying tax landscape across Lunenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keysville Tax Rate
0.38%
Average Lunenburg County Tax Rate
0.38%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23947 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Keysville, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Keysville, VA. 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 Lunenburg County 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. Assessment notices in Keysville 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 zip code 23947 has the highest and lowest median tax bill, both at $361. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keysville Assessed Value
$93,600
Average Lunenburg County Assessed Value
$83,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23947 | $22,670 | $52,700 | $93,600 | $163,275 | $237,540 |
Source: Ownwell
Property Tax Bills Across Keysville, Virginia
In Keysville, Lunenburg County, 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 Keysville is $93,600, and property taxes are levied as a percentage of this assessed value. The tax rate in Keysville is influenced by various factors, including local government budgets and public service funding needs. Homeowners can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $213, while the 75th percentile tax bill rises to $632, and the 90th percentile tax bill reaches $913. The highest and lowest median tax bills in the area are both $361, reflecting the uniformity in assessments across certain neighborhoods. Compared to the national median property tax rate of 0.99%, Keysville's tax rates are relatively modest, making it an attractive location for homeowners seeking lower property tax obligations. This variability in tax bills can significantly impact household budgets, influencing decisions on homeownership and long-term financial planning.
Average Keysville Tax Bill
$361
Average Lunenburg County Tax Bill
$320
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Keysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23947 | $93 | $213 | $361 | $632 | $913 |
Source: Ownwell