Clifton Forge, Virginia Property Taxes
The median property tax rate in Clifton Forge, VA is 0.79%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $83,700 in Clifton Forge, the typical annual property tax bill amounts to $648, significantly less than the national median of $2,690. Property taxes in Clifton Forge are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Clifton Forge'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 Clifton Forge or another part of Botetourt County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clifton Forge, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Clifton Forge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clifton Forge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clifton Forge 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 Clifton Forge, Virginia
Property taxes in Clifton Forge, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clifton Forge is 0.79%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Clifton Forge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clifton Forge 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 Clifton Forge's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24422 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Clifton Forge provides valuable insights into the varying tax landscape across Botetourt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clifton Forge Tax Rate
0.79%
Average Botetourt County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clifton Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24422 | 0.48% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Clifton Forge, Virginia
In Clifton Forge, 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 Botetourt 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. 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 Clifton Forge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Clifton Forge is $83,700, with property tax bills ranging from $308 at the 25th percentile to $1,124 at the 90th percentile. The zip code 24422 has both the highest and lowest median tax bill at $648.
Average Clifton Forge Assessed Value
$83,700
Average Botetourt County Assessed Value
$201,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clifton Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24422 | $19,200 | $50,800 | $83,700 | $117,000 | $153,800 |
Source: Ownwell
Property Tax Bills Across Clifton Forge, Virginia
In Clifton Forge, VA, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local tax assessors who evaluate the property’s market value. For homeowners, this process directly impacts their annual tax bill. The median home price in Clifton Forge is $83,700, which serves as a baseline for these assessments. Homeowners in Clifton Forge can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $308, while those in the 75th percentile pay approximately $884. At the higher end, the 90th percentile tax bill reaches $1,124. These figures highlight the range of property tax burdens depending on the assessed value of the property. Compared to the national median property tax rate of 0.99%, Clifton Forge's rate is relatively moderate. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly for these annual expenses.
Average Clifton Forge Tax Bill
$648
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Clifton Forge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24422 | $122 | $308 | $648 | $884 | $1,124 |
Source: Ownwell