Cleveland, Virginia Property Taxes
The median property tax rate in Cleveland, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Cleveland at $64,200, the typical annual property tax bill reaches $404, well below the national median of $2,690. Property taxes in Cleveland 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 Cleveland'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 Cleveland 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
Cleveland, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$404
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Virginia
Property taxes in Cleveland, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24225 ZIP code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Cleveland provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.63%
Average Russell County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24225 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Virginia
In Cleveland, 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 local 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cleveland are both $404, found in zip code 24225.
Average Cleveland Assessed Value
$64,200
Average Russell County Assessed Value
$78,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24225 | $16,830 | $35,250 | $64,200 | $98,075 | $141,700 |
Source: Ownwell
Property Tax Bills Across Cleveland, Virginia
In Cleveland, located within Russell County, VA, property tax bills are calculated based on the assessed value of a home. The process starts with the local government's assessment of a property's market value, which is then multiplied by the county's tax rate to determine the annual tax bill. For instance, with a median home price of $64,200, homeowners can expect tax bills to vary significantly. The 25th percentile tax bill is around $222, while the 75th percentile reaches $618, and the 90th percentile climbs to $893. This range illustrates how property values and assessments impact the tax burden on homeowners. The highest median tax bill in the area is $404, which is notably lower than the national median property tax rate of 0.99%. These property tax bills contribute to local services and infrastructure, directly affecting homeowners by influencing the affordability and desirability of living in Cleveland. Understanding these factors can help residents anticipate their financial obligations and plan accordingly.
Average Cleveland Tax Bill
$404
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24225 | $106 | $222 | $404 | $618 | $893 |
Source: Ownwell