Long Island, Virginia Property Taxes
The median property tax rate in Long Island, VA is 0.45%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $96,800 in Long Island, the typical annual property tax bill amounts to $451, well below the national median of $2,690. Property taxes in Long Island are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Long Island'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 Long Island 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
Long Island, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$436
$404
Ownwell’s Long Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Island 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 Long Island, Virginia
Property taxes in Long Island, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Island is 0.45%, significantly lower than the U.S. national median of 0.99%. Local government entities within Long Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long Island 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 Long Island's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24569 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 areas compare with Long Island 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 Long Island 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 Long Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24569 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Long Island, Virginia
In Long Island, 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 Long Island, 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 Long Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 24569 has the highest and lowest median tax bill, both at $451.
Average Long Island Assessed Value
$96,800
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 Long Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24569 | $25,900 | $46,700 | $96,800 | $209,600 | $285,200 |
Source: Ownwell
Property Tax Bills Across Long Island, Virginia
In Long Island, Campbell County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $96,800, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is approximately $230, while the 75th percentile tax bill reaches around $946, and the 90th percentile tax bill climbs to $1,294. These figures indicate a wide range of property tax liabilities, reflecting differences in property values and assessed valuations within the area. The highest median tax bill in Campbell County is recorded at $451 in the 24569 zip code, which is relatively low compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners' monthly budgets and long-term financial planning, making it crucial to understand how property taxes are assessed and calculated in their locality.
Average Long Island Tax Bill
$451
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24569 | $121 | $230 | $451 | $946 | $1,294 |
Source: Ownwell