Critz, Virginia Property Taxes
The median property tax rate in Critz, VA is 0.73%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Critz at $85,400, the typical annual property tax bill amounts to $623, significantly below the national median of $2,690. Property taxes in Critz are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Critz'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 Critz 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
Critz, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$623
Ownwell’s Critz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Critz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Critz 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 Critz, Virginia
Property taxes in Critz, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Critz is 0.73%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Critz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Critz 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 Critz's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24082 zip code has the highest median property tax rate of 0.73%, while the 24082 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Critz provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Critz Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Critz, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24082 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Critz, Virginia
In Critz, 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 Patrick 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 Critz, 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 example, the median home price in Critz is $85,400, with property tax bills ranging from $383 at the 25th percentile to $1,328 at the 90th percentile. 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 Critz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Critz Assessed Value
$85,400
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Critz, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24082 | $22,320 | $52,400 | $85,400 | $134,450 | $181,980 |
Source: Ownwell
Property Tax Bills Across Critz, Virginia
In Critz, located in Patrick County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in Critz is $85,400, and homeowners can expect their tax bills to vary widely depending on their property's assessed value and the local tax rate. Tax bills in Critz range from the 25th percentile at $383 to the 75th percentile at $981, with the 90th percentile reaching up to $1,328. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value, thereby affecting the overall tax bill. For homeowners, understanding how these factors interplay is crucial, as property taxes represent a significant annual expense. Compared to the national median property tax rate of 0.99%, Critz's property tax rates offer a competitive landscape for homeowners, making it an appealing option for those looking to manage their annual property tax expenditures.
Average Critz Tax Bill
$623
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Critz, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24082 | $163 | $383 | $623 | $981 | $1,328 |
Source: Ownwell