Callao, Virginia Property Taxes
The median property tax rate in Callao, VA is 0.62%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. Given the median home value in Callao, the typical annual property tax bill amounts to $727, far below the national median of $2,690. Property taxes in Callao 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 Callao'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 Callao 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
Callao, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$751
Ownwell’s Callao Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callao with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callao 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 Callao, Virginia
Property taxes in Callao, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Callao is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Callao set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callao estimates its required budget to maintain services for the upcoming fiscal year and 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 Callao's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22435 has both the highest and lowest median property tax rate of 0.62%, reflecting a uniform tax rate across the area. Understanding how these cities compare with Callao provides valuable insights into the varying tax landscape across Westmoreland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callao Tax Rate
0.62%
Average Westmoreland County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callao, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Callao, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Callao, VA. 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 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 Callao, 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 Callao helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22435 in Callao has the highest median tax bill, standing at $727.
Average Callao Assessed Value
$121,200
Average Westmoreland County Assessed Value
$52,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callao, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | $20,800 | $30,325 | $121,200 | $233,600 | $271,800 |
Source: Ownwell
Property Tax Bills Across Callao, Virginia
In Callao, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. The median home price in Callao is $121,200, which provides a benchmark for understanding typical tax bills in the area. Homeowners in Callao can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $170, whereas at the 75th percentile, it rises to $1,448. At the 90th percentile, homeowners might see tax bills as high as $1,685. These variations highlight how different property values and assessments impact the tax obligations for residents. Compared to the national median property tax rate of 0.99%, Callao's tax rates can be seen as relatively moderate, yet the actual financial impact on homeowners can vary widely based on individual property assessments.
Average Callao Tax Bill
$727
Average Westmoreland County Tax Bill
$310
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Callao, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | $129 | $170 | $727 | $1,448 | $1,685 |
Source: Ownwell