Forest, Virginia Property Taxes
The median property tax rate in Forest, VA is 0.45%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Forest, the typical annual property tax bill reaches $1,064, which is significantly below the national median of $2,690. Property taxes in Forest 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 Forest'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 Forest or another part of Campbell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,062
$986
Ownwell’s Forest Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest 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 Forest, Virginia
Property taxes in Forest, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest is 0.45%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest 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 Forest's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24551 zip code has the highest median property tax rate of 0.45%, while also having the lowest median tax rate of 0.45%. Understanding how these cities compare with Forest 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 Forest 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 Forest, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24551 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Forest, Virginia
In Forest, 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 Forest, 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. The median home price in Forest stands at $236,100, with the 25th percentile tax bill at $909 and the 75th percentile at $1,281. The highest and lowest median tax bills are both $1,064, found in the 24551 zip code. 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 Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Forest Assessed Value
$236,100
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 Forest, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24551 | $171,990 | $201,450 | $236,100 | $284,600 | $344,910 |
Source: Ownwell
Property Tax Bills Across Forest, Virginia
In Forest, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor’s office. The median home price in Forest is $236,100, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. Homeowners in Forest can expect their tax bills to fall within a range, with the 25th percentile at $909 and the 75th percentile at $1,281. At the higher end, the 90th percentile tax bill reaches $1,552. The median tax bill for the zip code 24551 stands at $1,064, which is relatively moderate compared to the national median property tax rate of 0.99%. These tax bills significantly impact homeowners by contributing to the overall cost of homeownership, influencing decisions on property investments, and affecting long-term financial planning. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations.
Average Forest Tax Bill
$1,064
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24551 | $781 | $909 | $1,064 | $1,281 | $1,552 |
Source: Ownwell