Port Republic, Virginia Property Taxes
The median property tax rate in Port Republic, VA is 0.68%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $275,200 in Port Republic, the typical annual property tax bill amounts to $1,813, well below the national median of $2,690. Property taxes in Port Republic are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Port Republic'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 Port Republic or another part of the city, gaining a clear understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Port Republic, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,871
Ownwell’s Port Republic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Republic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Republic 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 Port Republic, Virginia
Property taxes in Port Republic, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Republic is 0.68%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Port Republic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Republic 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 Port Republic's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24471 zip code has the highest median property tax rate of 0.68%, while the 24471 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Port Republic 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 Port Republic 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 Port Republic, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24471 | 0.53% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Port Republic, Virginia
In Port Republic, 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 assessment 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 Port Republic, 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 Port Republic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24471, with a tax bill of $1,813.
Property Tax Assessment Values Across Port Republic, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Port Republic Assessed Value
$275,200
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 Port Republic, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24471 | $125,400 | $189,000 | $275,200 | $378,725 | $558,940 |
Source: Ownwell
Property Tax Bills Across Port Republic, Virginia
In Port Republic, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the tax rate set by Rockingham County. This rate can vary annually, reflecting the county's budgetary needs and economic conditions. For instance, with a median home price of $275,200 in Port Republic, the tax bill can range significantly. Homeowners at the 25th percentile can expect to pay around $1,267, while those at the 75th percentile might pay about $2,387. At the 90th percentile, the tax bill can reach as high as $3,327. These figures show how property taxes can vary widely even within the same city, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Port Republic's tax rates reflect the local economic landscape, impacting homeowners by directly influencing their annual financial obligations.
Average Port Republic Tax Bill
$1,813
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Republic, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24471 | $816 | $1,267 | $1,813 | $2,387 | $3,327 |
Source: Ownwell