Dry Fork, Virginia Property Taxes
The median property tax rate in Dry Fork, VA is 0.69%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $69,400 in Dry Fork, the typical annual property tax bill amounts to $526, well below the national median of $2,690. Property taxes in Dry Fork are based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Dry Fork'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 Dry Fork or another part of Pittsylvania County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dry Fork, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Dry Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dry Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dry Fork 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 Dry Fork, Virginia
Property taxes in Dry Fork, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dry Fork is 0.69%, lower than the U.S. national median of 0.99%. Local government entities within Dry Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dry Fork 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 Dry Fork's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24549 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Dry Fork provides valuable insights into the varying tax landscape across Pittsylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dry Fork Tax Rate
0.69%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dry Fork, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24549 | 0.62% | 0.62% | 0.69% | 0.75% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Dry Fork, Virginia
In Dry Fork, 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 Pittsylvania 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 Dry Fork, 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 Dry Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Dry Fork is $526 in the zip code 24549, while the lowest is also $526 in the same zip code.
Average Dry Fork Assessed Value
$69,400
Average Pittsylvania County Assessed Value
$56,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dry Fork, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24549 | $8,000 | $16,100 | $69,400 | $127,550 | $205,400 |
Source: Ownwell
Property Tax Bills Across Dry Fork, Virginia
In Dry Fork, Pittsylvania County, VA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the local tax assessor and is a percentage of the market value. Homeowners in Dry Fork can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $99, while the 75th percentile tax bill is $885, and the 90th percentile tax bill reaches up to $1,333. These variations are influenced by factors such as property size, location, and any improvements made to the home. The median home price in Dry Fork is $69,400, and the median tax bill is $526.00, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in the area, but it also means that the local government may have fewer resources for public services. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Dry Fork Tax Bill
$526
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dry Fork, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24549 | $40 | $99 | $526 | $885 | $1,333 |
Source: Ownwell