Nelson, Virginia Property Taxes
The median property tax rate in Nelson, VA is 0.40%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Nelson at $91,800, the typical annual property tax bill amounts to $367, well below the national median of $2,690. Property taxes in Nelson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Nelson'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 Nelson or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nelson, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$367
Ownwell’s Nelson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nelson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nelson 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 Nelson, Virginia
Property taxes in Nelson, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nelson is 0.52%, slightly higher than the Virginia state median of 0.53% but lower than the U.S. national median of 0.99%. Local government entities within Nelson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nelson 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 Nelson's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22101 has the highest median property tax rate of 1.03%, while zip code 20105 has the lowest median tax rate of 0.64%. Understanding how these cities compare with Nelson provides valuable insights into the varying tax landscape across Mecklenburg, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nelson Tax Rate
0.40%
Average Mecklenburg County Tax Rate
0.40%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nelson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24580 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Nelson, Virginia
In Nelson, 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 Mecklenburg 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 Nelson, 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 Nelson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $367 in zip code 24580, while the lowest is also $367 in the same zip code.
Average Nelson Assessed Value
$91,800
Average Mecklenburg County Assessed Value
$106,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nelson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24580 | $30,400 | $59,450 | $91,800 | $141,500 | $190,620 |
Source: Ownwell
Property Tax Bills Across Nelson, Virginia
In Nelson, VA, property tax bills are calculated based on the assessed value of the property. The local government assesses properties to determine their market value, which then serves as the basis for the tax calculation. The tax rate, determined by the county, is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and market trends influence the assessed value. For instance, the median home price in Nelson is $91,800. Homeowners in Nelson can expect their tax bills to vary; at the 25th percentile, the tax bill is around $238, while at the 75th percentile, it reaches $566. For those at the 90th percentile, the tax bill can go up to $762. Compared to the national median property tax rate of 0.99%, homeowners in Nelson experience relatively manageable tax bills, which can significantly impact their overall cost of living. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Nelson Tax Bill
$367
Average Mecklenburg County Tax Bill
$427
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Nelson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24580 | $122 | $238 | $367 | $566 | $762 |
Source: Ownwell