Rustburg, Virginia Property Taxes
The median property tax rate in Rustburg, 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 Rustburg at $184,350, the typical annual property tax bill reaches $829, significantly below the national median of $2,690. Property taxes in Rustburg 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 Rustburg'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 Rustburg 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
Rustburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$830
Ownwell’s Rustburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rustburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rustburg 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 Rustburg, Virginia
Property taxes in Rustburg, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rustburg 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 Rustburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rustburg 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 Rustburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24588 zip code has the highest median property tax rate of 0.45%, while the same 24588 zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Rustburg 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 Rustburg 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 Rustburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24588 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Rustburg, Virginia
In Rustburg, 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 Rustburg, 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 Rustburg is $184,350, and property tax bills vary significantly. For instance, the 25th percentile tax bill is $528, while the 75th percentile tax bill is $1,193. Notably, the highest and lowest median tax bills are both $829 in the 24588 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 Rustburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rustburg Assessed Value
$184,350
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 Rustburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24588 | $57,650 | $117,225 | $184,350 | $265,375 | $344,550 |
Source: Ownwell
Property Tax Bills Across Rustburg, Virginia
In Rustburg, Campbell County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the size of the property, its location, and any improvements or renovations made to it. Homeowners in Rustburg can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $528, while the 75th percentile tax bill reaches $1,193, and the 90th percentile tax bill climbs to $1,545. The median home price in Rustburg is $184,350, which provides a benchmark for understanding these tax bills. Compared to the national median property tax rate of 0.99%, Rustburg's tax rates can have a noticeable impact on homeowners, influencing their overall cost of living and financial planning.
Average Rustburg Tax Bill
$829
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rustburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24588 | $263 | $528 | $829 | $1,193 | $1,545 |
Source: Ownwell