Vesuvius, Virginia Property Taxes
The median property tax rate in Vesuvius, VA is 0.65%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Vesuvius at $243,150, the typical annual property tax bill reaches $1,440, which is below the national median of $2,690. Property taxes in Vesuvius are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vesuvius'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 Vesuvius 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
Vesuvius, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,580
Ownwell’s Vesuvius Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vesuvius with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vesuvius 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 Vesuvius, Virginia
Property taxes in Vesuvius, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vesuvius is 0.65%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Vesuvius set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vesuvius 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 Vesuvius's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24483 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Vesuvius provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vesuvius Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vesuvius, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24483 | 0.17% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Vesuvius, Virginia
In Vesuvius, 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 Nelson 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 Vesuvius, 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 Vesuvius helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Vesuvius is 24483, with a median tax bill of $1,440.
Average Vesuvius Assessed Value
$243,150
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vesuvius, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24483 | $60,350 | $139,775 | $243,150 | $310,150 | $424,150 |
Source: Ownwell
Property Tax Bills Across Vesuvius, Virginia
In Vesuvius, Nelson County, VA, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this area is $243,150. Homeowners can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is around $804, while the 75th percentile reaches up to $1,963. At the higher end, the 90th percentile tax bill can be as much as $2,417. Factors that influence the tax bill include the home's assessed value, which is determined by local assessors, and the tax rate set by local government authorities. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax burden in Vesuvius can vary widely. Homeowners should be aware of these factors as they significantly impact the overall cost of owning property in this region. Understanding these variables helps homeowners plan better and manage their financial responsibilities effectively.
Average Vesuvius Tax Bill
$1,440
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Vesuvius, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24483 | $173 | $804 | $1,440 | $1,963 | $2,417 |
Source: Ownwell