Scottsville, Virginia Property Taxes
The median property tax rate in Scottsville, VA is 0.55%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Scottsville, the typical annual property tax bill reaches $648, well below the national median of $2,690. Property taxes in Scottsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Scottsville'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 Scottsville 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
Scottsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$652
Ownwell’s Scottsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scottsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scottsville 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 Scottsville, Virginia
Property taxes in Scottsville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scottsville is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Scottsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scottsville 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 Scottsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24590 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Scottsville provides valuable insights into the varying tax landscape across Buckingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scottsville Tax Rate
0.55%
Average Buckingham County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scottsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24590 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Scottsville, Virginia
In Scottsville, 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 Buckingham 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 Scottsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $648.00, found in the 24590 zip code.
Average Scottsville Assessed Value
$118,550
Average Buckingham County Assessed Value
$107,100
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scottsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24590 | $28,460 | $67,400 | $118,550 | $180,100 | $224,000 |
Source: Ownwell
Property Tax Bills Across Scottsville, Virginia
In Scottsville, Buckingham County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Scottsville can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the median home price in Scottsville is $118,550. Tax bills in the area range from $367 at the 25th percentile to $988 at the 75th percentile, with the 90th percentile reaching $1,232. This variation means that homeowners with higher-valued properties will pay more in property taxes. The highest and lowest median tax bills in the area both stand at $648.00, indicating a relatively stable tax environment within the zip code 24590. Compared to the national median property tax rate of 0.99%, Scottsville's rates are competitive, offering a manageable tax burden for homeowners.
Average Scottsville Tax Bill
$648
Average Buckingham County Tax Bill
$585
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Scottsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24590 | $154 | $367 | $648 | $988 | $1,232 |
Source: Ownwell