Penn Laird, Virginia Property Taxes
The median property tax rate in Penn Laird, VA is 0.68%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Penn Laird at $329,000, the typical annual property tax bill reaches $2,198, which is below the national median of $2,690. Property taxes in Penn Laird 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 Penn Laird'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 Penn Laird or another part of Rockingham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Penn Laird, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$2,237
Ownwell’s PENN LAIRD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PENN LAIRD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PENN LAIRD 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 Penn Laird, Virginia
Property taxes in Penn Laird, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penn Laird is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Penn Laird set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penn Laird 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 Penn Laird's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22846 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Penn Laird provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penn Laird Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penn Laird, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22846 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Penn Laird, Virginia
In Penn Laird, 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 Rockingham 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 Penn Laird, 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 Penn Laird helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22846 has both the highest and lowest median tax bill, which stands at $2,198.
Property Tax Assessment Values Across Penn Laird, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Penn Laird Assessed Value
$329,000
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penn Laird, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22846 | $144,450 | $216,250 | $329,000 | $426,600 | $545,220 |
Source: Ownwell
Property Tax Bills Across Penn Laird, Virginia
In Penn Laird, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Rockingham County tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $329,000, homeowners can expect a range of tax bills depending on their property's assessed value and specific circumstances. The 25th percentile tax bill is $1,448, while the 75th percentile reaches $2,873, and the 90th percentile can be as high as $3,537. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Penn Laird may find their tax bills slightly lower than the national median property tax rate of 0.99%, reflecting the local tax policies and housing market. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Penn Laird Tax Bill
$2,198
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Penn Laird, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22846 | $958 | $1,448 | $2,198 | $2,873 | $3,537 |
Source: Ownwell