Cloverdale, Virginia Property Taxes
The median property tax rate in Cloverdale, 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 $151,500 in Cloverdale, the typical annual property tax bill amounts to $1,146, well below the national median of $2,690. Property taxes in Cloverdale 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 Cloverdale'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 Cloverdale or another part of Botetourt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cloverdale, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,197
Ownwell’s Cloverdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloverdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloverdale 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 Cloverdale, Virginia
Property taxes in Cloverdale, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloverdale is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Cloverdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloverdale 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 Cloverdale's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24077 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with Cloverdale 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 Cloverdale 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 Cloverdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24077 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Cloverdale, Virginia
In Cloverdale, 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. In Cloverdale, 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. The median home price in Cloverdale is $151,500, with tax bills ranging from $748 at the 25th percentile to $2,075 at the 90th percentile. The highest and lowest median tax bills are both $1,146 in the 24077 zip code. Being aware of these valuation processes in Cloverdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cloverdale Assessed Value
$151,500
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 Cloverdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24077 | $91,180 | $97,000 | $151,500 | $238,600 | $263,300 |
Source: Ownwell
Property Tax Bills Across Cloverdale, Virginia
In Cloverdale, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, and the tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, age, and condition. For homeowners in Cloverdale, the median home price is $151,500. The property tax burden can vary significantly, with the 25th percentile tax bill at $748 and the 75th percentile reaching $1,880. For those in the 90th percentile, the tax bill can be as high as $2,075. Compared to the national median property tax rate of 0.99%, Cloverdale's tax rates can be considered moderate. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses and long-term financial planning.
Average Cloverdale Tax Bill
$1,146
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cloverdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24077 | $621 | $748 | $1,146 | $1,880 | $2,075 |
Source: Ownwell