Craigsville, Virginia Property Taxes
The median property tax rate in Craigsville, 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 Craigsville at $94,956, the typical annual property tax bill comes to $578, well below the national median of $2,690. Property taxes in Craigsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Craigsville'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 Craigsville or another part of Augusta County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Craigsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$598
Ownwell’s Craigsville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Craigsville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Craigsville to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Craigsville, Virginia
Property taxes in Craigsville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craigsville is 0.63%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Craigsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craigsville 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 Craigsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24430 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Craigsville provides valuable insights into the varying tax landscape across Augusta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craigsville Tax Rate
0.63%
Average Augusta County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craigsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24430 | 0.49% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Craigsville, Virginia
In Craigsville, 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 Augusta 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 Craigsville, 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. For example, the highest median tax bill in Craigsville is $578, found in zip code 24430, while the lowest median tax bill is also $578 in the same zip code. 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 Craigsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Craigsville Assessed Value
$94,956
Average Augusta County Assessed Value
$204,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craigsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24430 | $29,260 | $60,850 | $94,956 | $140,650 | $234,841 |
Source: Ownwell
Property Tax Bills Across Craigsville, Virginia
In Craigsville, located in Augusta County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property’s worth. For homeowners in Craigsville, the median home price stands at $94,956. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $336, while the 75th percentile tax bill is $821. At the 90th percentile, homeowners might see tax bills as high as $1,270. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Craigsville’s tax bills reflect the local economic conditions and property values. Homeowners should be aware of these factors as they directly influence their annual tax obligations, affecting their overall cost of homeownership and financial planning. Understanding how property taxes are calculated can help homeowners better manage their finances and anticipate future tax bills.
Average Craigsville Tax Bill
$578
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Craigsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24430 | $170 | $336 | $578 | $821 | $1,270 |
Source: Ownwell