Blackstone, Virginia Property Taxes
The median property tax rate in Blackstone, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Blackstone at $69,800, the typical annual property tax bill amounts to $331, far below the national median of $2,690. Property taxes in Blackstone are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Blackstone'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 Blackstone or another part of the city, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Blackstone, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$335
Ownwell’s Blackstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blackstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blackstone 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 Blackstone, Virginia
Property taxes in Blackstone, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blackstone is 0.48%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Blackstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blackstone 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 Blackstone's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23824 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Blackstone provides valuable insights into the varying tax landscape across Nottoway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blackstone Tax Rate
0.48%
Average Nottoway County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blackstone, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23824 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Blackstone, Virginia
In Blackstone, 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 Nottoway County Assessor 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 Blackstone, 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. For instance, the highest median tax bill in the area is $331 in the 23824 zip code, while the lowest median tax bill is also $331 in the same zip code. 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 Blackstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Blackstone Assessed Value
$69,800
Average Nottoway County Assessed Value
$73,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blackstone, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23824 | $24,740 | $44,300 | $69,800 | $115,650 | $165,400 |
Source: Ownwell
Property Tax Bills Across Blackstone, Virginia
In Blackstone, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Blackstone is $69,800. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. Homeowners in Blackstone can expect tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $212, while at the 75th percentile, it rises to $551. The 90th percentile tax bill reaches $791. The highest and lowest median tax bills in the area are both $331, indicating some consistency in the middle range of property values. Compared to the national median property tax rate of 0.99%, Blackstone's property tax bills provide a relatively affordable option for homeowners, making it an attractive location for property investment.
Average Blackstone Tax Bill
$331
Average Nottoway County Tax Bill
$352
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Blackstone, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23824 | $116 | $212 | $331 | $551 | $791 |
Source: Ownwell