Concord, Virginia Property Taxes
The median property tax rate in Concord, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Concord, the typical annual property tax bill reaches $815, which is well below the national median of $2,690. Property taxes in Concord are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Concord'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 Concord 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
Concord, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$823
Ownwell’s Concord Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Concord with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Concord to provide an estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and make informed financial decisions. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Concord, Virginia
Property taxes in Concord, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Concord is 0.63%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Concord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Concord 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 Concord's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24538 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Concord provides valuable insights into the varying tax landscape across Appomattox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Concord Tax Rate
0.63%
Average Appomattox County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Concord, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24538 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Concord, Virginia
In Concord, 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 Appomattox 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 Concord, 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 Concord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24538, with a median bill of $815, while the lowest median tax bill is also in zip code 24538, with the same median bill value.
Average Concord Assessed Value
$130,700
Average Appomattox County Assessed Value
$118,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Concord, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24538 | $36,580 | $80,700 | $130,700 | $192,400 | $262,600 |
Source: Ownwell
Property Tax Bills Across Concord, Virginia
In Concord, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Concord is $130,700. Homeowners in this area can expect their tax bills to vary significantly depending on several factors. For instance, the 25th percentile tax bill is around $500, while the 75th percentile tax bill reaches approximately $1,206. At the higher end, the 90th percentile tax bill is about $1,657. These tax bills are influenced by the local tax rate and the assessed value of the property. Compared to the national median property tax rate of 0.99%, Concord's tax rates can lead to varied financial impacts on homeowners. Factors such as property size, location, and improvements can also affect the assessed value, thereby influencing the tax bill. Homeowners should be aware of these variables as they directly impact their annual property tax obligations.
Average Concord Tax Bill
$815
Average Appomattox County Tax Bill
$735
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Concord, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24538 | $211 | $500 | $815 | $1,206 | $1,657 |
Source: Ownwell