Concord, Virginia Property Taxes
The median property tax rate in Concord, 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 Concord at $153,000, the typical annual property tax bill is $685, well below the national median of $2,690. Property taxes in Concord are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Concord'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 Concord or another part of Campbell County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Concord, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$689
$639
Ownwell’s Concord Property Tax Bill Calculator offers an easy way for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Concord with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Concord to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax obligations. For those curious about neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is the figure determined by the county for property tax purposes, incorporating any applicable exemptions.
Property Tax Rates Across Concord, Virginia
Property taxes in Concord, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Concord is 0.45%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Concord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Concord 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. For comparison, the zip code 24538 has both the highest and lowest median property tax rate of 0.45%, the same as Concord's rate. Understanding how these cities compare with Concord 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 Concord 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 Concord, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24538 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Concord, Virginia
In Concord, 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 Concord, 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 Concord 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 in Concord is 24538, with a median tax bill of $685.
Average Concord Assessed Value
$153,000
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 Concord, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24538 | $44,790 | $103,025 | $153,000 | $233,200 | $315,450 |
Source: Ownwell
Property Tax Bills Across Concord, Virginia
In Concord, Campbell County, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $153,000, homeowners can expect varying tax bills depending on specific factors like property size and location. The 25th percentile tax bill is around $460, while the 75th percentile is about $1,049, and the 90th percentile reaches up to $1,418. Homeowners in Concord should note that property taxes can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the local rates in Campbell County can vary, influencing the overall affordability of homeownership. Understanding these factors helps homeowners plan their finances better and anticipate any changes in their property tax obligations.
Average Concord Tax Bill
$685
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Concord, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24538 | $197 | $460 | $685 | $1,049 | $1,418 |
Source: Ownwell