Roanoke, Virginia Property Taxes
The median property tax rate in Roanoke, VA is 0.79%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $238,100 in Roanoke, the typical annual property tax bill averages $1,838, falling below the national median of $2,690. Property taxes in Roanoke are determined based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Navigating Roanoke's property tax system, identifying available exemptions, and exploring potential reductions can result in substantial yearly savings. Whether you reside in the center of Roanoke or in another part of the city, a thorough understanding of the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Roanoke, 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 Roanoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roanoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roanoke 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 Roanoke, Virginia
Property taxes in Roanoke, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roanoke is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Roanoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roanoke 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 Roanoke's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24012 has the highest median property tax rate of 0.79%, while the same zip code 24012 also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Roanoke 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 Roanoke 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 Roanoke, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24012 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| 24019 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Roanoke, Virginia
In Roanoke, 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 Roanoke, 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 Roanoke 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 24012 at $1,940, while the lowest is 24019 at $1,803.
Average Roanoke Assessed Value
$238,100
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 Roanoke, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24012 | $108,830 | $176,475 | $248,400 | $307,550 | $376,760 |
| 24019 | $125,520 | $180,625 | $233,350 | $313,000 | $387,310 |
Source: Ownwell
Property Tax Bills Across Roanoke, Virginia
In Roanoke, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as market trends, property condition, and location within Botetourt County can influence the assessed value. For instance, homes in the 24012 zip code have the highest median tax bill of $1,940, while those in the 24019 zip code have a slightly lower median tax bill of $1,803. Homeowners in Roanoke can expect their property tax bills to vary significantly. The tax bill for the 25th percentile is $1,382, while the 75th percentile sees a tax bill of $2,440, and the 90th percentile reaches up to $3,006. These variations highlight the impact of property values and local tax rates on homeowners. Compared to the national median property tax rate of 0.99%, Roanoke's property tax landscape offers a range of financial obligations for its residents.
Average Roanoke Tax Bill
$1,838
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Roanoke, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24012 | $741 | $1,362 | $1,940 | $2,367 | $2,896 |
| 24019 | $816 | $1,384 | $1,803 | $2,460 | $3,042 |
Source: Ownwell