Vesuvius, Virginia Property Taxes
The median property tax rate in Vesuvius, VA is 0.61%, 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, the typical annual property tax bill reaches $1,018, well 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
0.61%
Estimate Property Tax Bill
$1,098
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vesuvius is 0.61%, 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 0.61%. Understanding how these cities compare with Vesuvius provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vesuvius Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
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 | 0.46% | 0.61% | 0.61% | 0.61% | 0.61% |
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 Rockbridge County Assessor's Office 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 24483 has the highest and lowest median tax bill, both at $1018, reflecting the uniformity in the area.
Average Vesuvius Assessed Value
$179,950
Average Rockbridge County Assessed Value
$223,300
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 | $62,210 | $112,500 | $179,950 | $299,450 | $434,370 |
Source: Ownwell
Property Tax Bills Across Vesuvius, Virginia
In Vesuvius, located in Rockbridge County, VA, property tax bills are calculated based on the assessed value of a home. The tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $179,950, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The 25th percentile tax bill in Vesuvius is $607, while the 75th percentile reaches $1,673. At the 90th percentile, homeowners might see tax bills as high as $2,606. These figures highlight the range of property tax obligations within the area, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Vesuvius offers a relatively moderate tax environment, making it an appealing option for homeowners. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their finances accordingly.
Average Vesuvius Tax Bill
$1,018
Average Rockbridge County Tax Bill
$1,277
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 | $334 | $607 | $1,018 | $1,673 | $2,606 |
Source: Ownwell