Ceres, Virginia Property Taxes
The median property tax rate in Ceres, VA is 0.74%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ceres at $58,000, the typical annual property tax bill is $428, well below the national median of $2,690. Property taxes in Ceres 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 Ceres'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 Ceres or another part of Smyth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ceres, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Ceres Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ceres with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ceres 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 Ceres, Virginia
Property taxes in Ceres, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ceres is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Ceres set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ceres 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 Ceres' effective property tax rate to other counties in Virginia and the national median. For comparison, the 24318 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Ceres provides valuable insights into the varying tax landscape across Smyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ceres Tax Rate
0.74%
Average Smyth County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ceres, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24318 | 0.64% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Ceres, Virginia
In Ceres, 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 Smyth 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 Ceres, 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 Ceres helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24318 has both the highest and lowest median tax bill, valued at $428.
Average Ceres Assessed Value
$58,000
Average Smyth County Assessed Value
$72,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ceres, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24318 | $10,250 | $23,850 | $58,000 | $95,575 | $117,060 |
Source: Ownwell
Property Tax Bills Across Ceres, Virginia
In Ceres, VA, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate set by Smyth County. The assessed value is determined based on various factors, including the property's market value, location, and any improvements made. Homeowners in Ceres typically see tax bills ranging from $150 at the 25th percentile to $868 at the 90th percentile, with a median tax bill of $428. This is relatively low compared to the national median property tax rate of 0.99%. For instance, a home valued at $58,000 would result in a tax bill within this range. The tax rate ensures that essential services like schools, public safety, and infrastructure are adequately funded. However, higher property taxes can impact homeowners by increasing their annual expenses, while lower taxes might mean fewer public services. Understanding these factors helps homeowners in Ceres plan their finances better and anticipate future tax liabilities.
Average Ceres Tax Bill
$428
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ceres, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24318 | $50 | $150 | $428 | $698 | $868 |
Source: Ownwell