Red House, Virginia Property Taxes
The median property tax rate in Red House, 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 $131,050 in Red House, the typical annual property tax bill is $590, far below the national median of $2,690. Property taxes in Red House are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Red House'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 Red House 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
Red House, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$590
$547
Ownwell's Red House Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Red House with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red House 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 Red House, Virginia
Property taxes in Red House, Virginia, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Red House is 0.45%, significantly lower than both the Virginia state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Red House set these rates annually, and they can vary across different neighborhoods. Each year, Red House 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 Red House's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23963 has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with Red House 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 Red House 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 Red House, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23963 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Red House, Virginia
In Red House, 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 Red House, 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. For instance, the highest median tax bill in Red House is $590 in the 23963 zip code, while the lowest is also $590 in the same 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 Red House helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Red House Assessed Value
$131,050
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 Red House, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23963 | $32,700 | $49,850 | $131,050 | $263,625 | $323,190 |
Source: Ownwell
Property Tax Bills Across Red House, Virginia
In Red House, Campbell County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $131,050. The tax rate is applied to this assessed value to determine the annual property tax bill. For instance, homeowners in the 25th percentile pay around $224, while those in the 75th percentile see bills closer to $1,186. At the 90th percentile, the tax bill can reach up to $1,454. These variations are influenced by factors such as property location, size, and market conditions. The highest and lowest median tax bills in the county are both $590, indicating a relatively uniform tax burden across different areas. Compared to the national median property tax rate of 0.99%, homeowners in Red House experience a range of tax bills that can significantly impact their annual budget. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Red House Tax Bill
$590
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Red House, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23963 | $147 | $224 | $590 | $1,186 | $1,454 |
Source: Ownwell