Red Oak, Virginia Property Taxes
The median property tax rate in Red Oak, 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 Red Oak, the typical annual property tax bill is $422, considerably below the national median of $2,690. Property taxes in Red Oak 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 Red Oak'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 Red Oak or another part of Mecklenburg County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Red Oak, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$422
Ownwell’s RED OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RED OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RED OAK 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 Red Oak, Virginia
Property taxes in Red Oak, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Oak is 0.40%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Red Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Oak 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 Red Oak'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 in ZIP code 23223 at 1.20%, while the lowest median tax rate is in ZIP code 23180 at 0.30%. Understanding how these cities compare with Red Oak provides valuable insights into the varying tax landscape across Mecklenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Oak 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 Red Oak, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23964 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Red Oak, Virginia
In RED OAK, 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 local authorities 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 RED OAK, 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 RED OAK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $105,600, with tax bills ranging from $217 at the 25th percentile to $1,072 at the 90th percentile. The zip code 23964 has the highest and lowest median tax bill at $422.
Average Red Oak Assessed Value
$105,600
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 Red Oak, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23964 | $25,520 | $54,200 | $105,600 | $159,300 | $267,960 |
Source: Ownwell
Property Tax Bills Across Red Oak, Virginia
In Red Oak, Mecklenburg County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $105,600, and this assessed value is a critical factor in determining the tax bill. Homeowners in Red Oak can expect their tax bills to range significantly, with the 25th percentile at $217 and the 75th percentile at $637. The highest tax bills can reach up to $1,072, depending on the specific assessed value and applicable tax rate. The tax rate in Red Oak is influenced by local government budgets and the need to fund essential services such as schools, public safety, and infrastructure. This rate is applied to the assessed value of the property to calculate the annual tax bill. With the national median property tax rate at 0.99%, homeowners in Red Oak might find their tax obligations to be relatively moderate. Understanding these factors helps homeowners budget accordingly and anticipate their annual property tax expenses.
Average Red Oak Tax Bill
$422
Average Mecklenburg County Tax Bill
$427
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Oak, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23964 | $102 | $217 | $422 | $637 | $1,072 |
Source: Ownwell