Bastian, Virginia Property Taxes
The median property tax rate in Bastian, VA is 0.58%, significantly lower than the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bastian at $115,600, the typical annual property tax bill is $670, which is well below the national median of $2,690. Property taxes in Bastian are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bastian'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 Bastian or another part of Tazewell County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bastian, 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 Bastian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bastian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bastian 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 Bastian, Virginia
Property taxes in Bastian, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bastian is 0.58%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bastian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bastian 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 Bastian's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24314 has both the highest and lowest median property tax rate in the region, at 0.58%. Understanding how these areas compare with Bastian provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bastian Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bastian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24314 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Bastian, Virginia
In Bastian, 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 Tazewell 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 Bastian, 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. The median home price in Bastian is $115,600, with tax bills ranging from $443 at the 25th percentile to $1,737 at the 90th percentile. The zip code with the highest median tax bill is 24314 at $670, which is also the lowest median tax bill in the area. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bastian Assessed Value
$115,600
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bastian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24314 | $50,210 | $76,450 | $115,600 | $232,700 | $346,090 |
Source: Ownwell
Property Tax Bills Across Bastian, Virginia
In Bastian, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Tazewell County tax assessor. The tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $115,600, homeowners can expect varying tax bills depending on specific factors such as property location and any applicable exemptions. For a clearer perspective, the tax bill at the 25th percentile in Bastian is approximately $443, while at the 75th percentile, it rises to about $1,350. At the 90th percentile, homeowners might see tax bills as high as $1,737. Comparatively, the highest median tax bill within the area is $670 in the 24314 zip code. These property taxes fund local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding these factors helps homeowners in Bastian anticipate their financial responsibilities and plan accordingly.
Average Bastian Tax Bill
$670
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bastian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24314 | $291 | $443 | $670 | $1,350 | $1,737 |
Source: Ownwell