Catawba, Virginia Property Taxes
The median property tax rate in Catawba, VA is 0.70%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $229,600 in Catawba, the typical annual property tax bill amounts to $1,607, significantly below the national median of $2,690. Property taxes in Catawba are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Catawba'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 Catawba 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
Catawba, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,607
Ownwell’s Catawba Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Catawba using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Catawba to estimate your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more granular insights, you can explore localized trends by scrolling down. Your property’s assessed value is the figure assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Catawba, Virginia
Property taxes in Catawba, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Catawba is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Catawba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Catawba 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. For comparison, the highest and lowest median property tax rates in Montgomery County are both 0.70%, matching Catawba's rate. Understanding how these cities compare with Catawba provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Catawba Tax Rate
0.70%
Average Montgomery County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Catawba, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24070 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Catawba, Virginia
In Catawba, 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 Montgomery 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 Catawba, 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. The median home price in Catawba is $229,600, with tax bills ranging from $945 at the 25th percentile to $2,568 at the 90th percentile. The zip code 24070 has the highest median tax bill of $1,607. 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 Catawba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Catawba Assessed Value
$229,600
Average Montgomery County Assessed Value
$250,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Catawba, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24070 | $57,500 | $135,000 | $229,600 | $303,900 | $366,800 |
Source: Ownwell
Property Tax Bills Across Catawba, Virginia
Property tax bills in Catawba, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. In Catawba, the median home price is $229,600. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Catawba, property tax bills can vary significantly. At the 25th percentile, tax bills are around $945, while at the 75th percentile, they can reach $2,127. The 90th percentile tax bill climbs to $2,568. These variations are influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Catawba’s property taxes can be a considerable expense for homeowners. Understanding how these taxes are calculated can help residents anticipate their financial obligations and plan accordingly.
Average Catawba Tax Bill
$1,607
Average Montgomery County Tax Bill
$1,751
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Catawba, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24070 | $402 | $945 | $1,607 | $2,127 | $2,568 |
Source: Ownwell