Eagle Rock, Virginia Property Taxes
The median property tax rate in Eagle Rock, VA is 0.79%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Eagle Rock at $94,150, the typical annual property tax bill is $678, significantly less than the national median of $2,690. Property taxes in Eagle Rock are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Eagle Rock'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 Eagle Rock 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
Eagle Rock, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$744
Ownwell’s Eagle Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eagle Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eagle Rock 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 Eagle Rock, Virginia
Property taxes in Eagle Rock, Virginia, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Eagle Rock is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Eagle Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eagle Rock 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 Eagle Rock's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24085 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 cities compare with Eagle Rock 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 Eagle Rock 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 Eagle Rock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24085 | 0.48% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Eagle Rock, Virginia
In Eagle Rock, 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 Eagle Rock, 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 Eagle Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24085, with a median tax bill of $678.
Average Eagle Rock Assessed Value
$94,150
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 Eagle Rock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24085 | $19,680 | $40,500 | $94,150 | $160,675 | $252,610 |
Source: Ownwell
Property Tax Bills Across Eagle Rock, Virginia
Property tax bills in Eagle Rock, Botetourt County, VA, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Eagle Rock, the median home price is $94,150. The tax bills can vary significantly, ranging from the 25th percentile at $280 to the 90th percentile at $1,750. Several factors influence the tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. Higher-valued properties or those without exemptions will naturally incur higher tax bills. For instance, the highest median tax bill in the area is $678, which aligns with the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners' finances, making it crucial for them to understand how their property is assessed and what exemptions they might qualify for to reduce their tax burden.
Average Eagle Rock Tax Bill
$678
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Eagle Rock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24085 | $126 | $280 | $678 | $1,151 | $1,750 |
Source: Ownwell