Castleton, Virginia Property Taxes
The median property tax rate in Castleton, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Castleton at $383,200, the typical annual property tax bill is $2,003, which is below the national median of $2,690. Property taxes in Castleton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Castleton'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 Castleton or another part of Rappahannock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Castleton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$2,338
Ownwell’s Castleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castleton 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 Castleton, Virginia
Property taxes in Castleton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castleton is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Castleton set these rates annually, and they can vary across different neighborhoods. Each year, Castleton 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 Castleton's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22716 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these areas compare with Castleton provides valuable insights into the varying tax landscape across Rappahannock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castleton Tax Rate
0.61%
Average Rappahannock County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castleton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22716 | 0.27% | 0.44% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Castleton, Virginia
In Castleton, 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 Rappahannock 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 Castleton, 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 Castleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Castleton are both $2003, found in zip code 22716.
Average Castleton Assessed Value
$383,200
Average Rappahannock County Assessed Value
$307,100
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castleton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22716 | $100,000 | $232,125 | $383,200 | $618,650 | $808,780 |
Source: Ownwell
Property Tax Bills Across Castleton, Virginia
In Castleton, located in Rappahannock County, VA, property tax bills are calculated based on the assessed value of a home. The assessment process determines the market value of the property, which is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Castleton, the median home price stands at $383,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,112 and the 75th percentile at $3,088. The 90th percentile reaches up to $4,413, indicating a broad range of tax liabilities depending on property valuations. Compared to the national median property tax rate of 0.99%, Castleton's property tax rates reflect local economic conditions and funding needs for public services. Homeowners must account for these taxes in their annual budgeting, as they directly impact homeownership costs. This variability underscores the importance of understanding local tax assessments and potential exemptions to manage property tax obligations effectively.
Average Castleton Tax Bill
$2,003
Average Rappahannock County Tax Bill
$1,730
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Castleton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22716 | $240 | $1,112 | $2,003 | $3,088 | $4,413 |
Source: Ownwell