Bracey, Virginia Property Taxes
The median property tax rate in Bracey, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $93,600 in Bracey, the typical annual property tax bill amounts to $608, well below the national median of $2,690. Property taxes in Bracey are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bracey’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 Bracey or another part of Brunswick County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bracey, 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 Bracey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bracey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bracey 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 Bracey, Virginia
Property taxes in Bracey, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bracey is 0.65%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bracey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bracey 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 Bracey's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23919 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Bracey provides valuable insights into the varying tax landscape across Brunswick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bracey Tax Rate
0.65%
Average Brunswick County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bracey, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23919 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Bracey, Virginia
In Bracey, 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 Brunswick 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 Bracey, 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 Bracey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23919 has the highest and lowest median tax bill at $608.
Average Bracey Assessed Value
$93,600
Average Brunswick County Assessed Value
$41,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bracey, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23919 | $26,800 | $51,850 | $93,600 | $137,750 | $164,240 |
Source: Ownwell
Property Tax Bills Across Bracey, Virginia
In Bracey, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. For a median home price of $93,600, the tax bill can vary significantly. The tax bill at the 25th percentile is $337, while at the 75th percentile, it rises to $895. Homeowners at the 90th percentile face a tax bill of $1,068. These figures are influenced by the property's assessed value, the local tax rate, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Bracey's tax rates can either be a relief or a burden, depending on where your property falls within these percentiles. Homeowners with properties assessed at higher values will naturally see higher tax bills. This variability means that understanding how your property is assessed and knowing the local tax rate is crucial for financial planning. The highest and lowest median tax bills in the area both stand at $608, reflecting some uniformity in tax burdens within the specific zip code of 23919.
Average Bracey Tax Bill
$608
Average Brunswick County Tax Bill
$272
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bracey, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23919 | $174 | $337 | $608 | $895 | $1,068 |
Source: Ownwell