Scottsville, Virginia Property Taxes
The median property tax rate in Scottsville, VA is 0.85%, slightly below both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $287,500 in Scottsville, the typical annual property tax bill amounts to $2,321, which is lower than the national median of $2,690. Property taxes in Scottsville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Scottsville'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 Scottsville or another part of Albemarle County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scottsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,444
Ownwell’s Scottsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scottsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scottsville 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 Scottsville, Virginia
Property taxes in Scottsville, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Scottsville is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Scottsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scottsville 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 Scottsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24590 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Scottsville provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scottsville Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scottsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24590 | 0.43% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Scottsville, Virginia
In Scottsville, 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 Albemarle 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 Scottsville, 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. Scottsville’s median home price is $287,500, with tax bills ranging from $1,647 at the 25th percentile to $5,042 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 24590, at $2,321. 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 Scottsville Assessed Value
$287,500
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scottsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24590 | $135,720 | $207,000 | $287,500 | $427,400 | $673,520 |
Source: Ownwell
Property Tax Bills Across Scottsville, Virginia
In Scottsville, VA, 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 property tax rate set by Albemarle County to determine the total tax bill. For instance, with a median home price of $287,500, homeowners can expect to pay a tax bill that falls between $1,647 at the 25th percentile and $5,042 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $2,321, reflecting the same rate across different properties within the 24590 zip code. Factors such as property size, location, and market conditions influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Scottsville's rates can vary significantly, impacting homeowners differently based on their specific property values. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Scottsville Tax Bill
$2,321
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Scottsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24590 | $1,053 | $1,647 | $2,321 | $3,372 | $5,042 |
Source: Ownwell