Horsepen, Virginia Property Taxes
The median property tax rate in Horsepen, VA is 0.58%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Horsepen, the typical annual property tax bill reaches $429, significantly below the national median of $2,690. Property taxes in Horsepen 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 Horsepen'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 Horsepen 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
Horsepen, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$429
Ownwell’s Horsepen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horsepen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horsepen 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 Horsepen, Virginia
Property taxes in Horsepen, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Horsepen is 0.58%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Horsepen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Horsepen 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 Horsepen's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24619 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Horsepen 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 Horsepen 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 Horsepen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24619 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Horsepen, Virginia
In Horsepen, 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 Tazewell County 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 Horsepen, 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 Horsepen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $429 in the 24619 zip code, offering a comparative perspective for homeowners.
Average Horsepen Assessed Value
$73,950
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 Horsepen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24619 | $39,270 | $52,275 | $73,950 | $95,625 | $108,630 |
Source: Ownwell
Property Tax Bills Across Horsepen, Virginia
In Horsepen, Tazewell County, VA, property tax bills are determined based on the assessed value of the property. The assessed value is a percentage of the market value, which is determined by the local assessor's office. Factors such as property size, location, and condition play a significant role in this assessment. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Horsepen, the median home price is $73,950. Property tax bills can vary widely, with the 25th percentile at $303 and the 75th percentile at $555. The 90th percentile tax bill reaches up to $630. These figures highlight the range of property tax obligations homeowners can expect. Compared to the national median property tax rate of 0.99%, Horsepen's rates can be seen as relatively moderate, offering a more manageable tax burden for its residents. This system ensures that property taxes are fairly distributed based on property values and individual circumstances.
Average Horsepen Tax Bill
$429
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Horsepen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24619 | $228 | $303 | $429 | $555 | $630 |
Source: Ownwell