Brookneal, Campbell County, Virginia Property Taxes
The median property tax rate in Brookneal, VA is 0.45%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Brookneal, the typical annual property tax bill is $450, well below the national median of $2,690. Property taxes in Brookneal 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 Brookneal'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 Brookneal 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
Brookneal, Campbell County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$450
$418
Ownwell’s Brookneal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookneal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookneal 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 Brookneal, Campbell County, Virginia
Property taxes in Brookneal, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookneal is 0.45%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Brookneal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookneal 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 Brookneal's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24528 zip code has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Brookneal provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookneal Tax Rate
0.45%
Average Campbell County Tax Rate
0.45%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookneal, Campbell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24528 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Brookneal, Campbell County, Virginia
In Brookneal, 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 Campbell 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 Brookneal, 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 Brookneal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $450.00, specifically in the 24528 zip code.
Property Tax Assessment Values Across Brookneal, Campbell County, Virginia
Source: Ownwell
$96,800
$166,450
$236,100
Average Brookneal Assessed Value
$100,100
Average Campbell County Assessed Value
$187,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookneal, Campbell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24528 | $28,390 | $60,450 | $100,100 | $147,200 | $202,960 |
Source: Ownwell
Property Tax Bills Across Brookneal, Campbell County, Virginia
In Brookneal, Campbell County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Brookneal stands at $100,100. The tax rate in Campbell County is applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including property size, location, and improvements made to the home. Homeowners in Brookneal can expect their tax bills to fall within a range, with the 25th percentile at $266 and the 75th percentile at $662. The 90th percentile tax bill reaches up to $914. This variability can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors and how they influence the tax bill can help homeowners better plan their finances and potentially take advantage of available exemptions to reduce their tax burden.
Average Brookneal Tax Bill
$450
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookneal, Campbell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24528 | $128 | $266 | $450 | $662 | $914 |
Source: Ownwell