Ivanhoe, Virginia Property Taxes
The median property tax rate in Ivanhoe, VA is 0.59%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ivanhoe, the typical annual property tax bill reaches $304, far below the national median of $2,690. Property taxes in Ivanhoe 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 Ivanhoe'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 Ivanhoe or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ivanhoe, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Ivanhoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivanhoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivanhoe 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 Ivanhoe, Virginia
Property taxes in Ivanhoe, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivanhoe is 0.59%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Ivanhoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivanhoe 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 Ivanhoe's effective property tax rate to other counties in Virginia and the national median. For comparison, the ZIP code 24350 has the highest median property tax rate of 0.59%, while the same ZIP code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Ivanhoe provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivanhoe Tax Rate
0.59%
Average Carroll County Tax Rate
0.59%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivanhoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24350 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Ivanhoe, Virginia
In IVANHOE, 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 Carroll 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 IVANHOE, 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 IVANHOE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24350 has the highest median tax bill at $304, which is notably lower than the national median property tax rate of 0.99%.
Average Ivanhoe Assessed Value
$51,750
Average Carroll County Assessed Value
$88,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivanhoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24350 | $15,400 | $28,050 | $51,750 | $75,600 | $131,160 |
Source: Ownwell
Property Tax Bills Across Ivanhoe, Virginia
In Ivanhoe, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors who evaluate the property's market value. The tax rate, or millage rate, is then applied to this assessed value to calculate the annual tax bill. For homeowners in Ivanhoe, the median home price is $51,750. Property tax bills can vary significantly within the region, ranging from $165 at the 25th percentile to $750 at the 90th percentile. The median property tax bill in the area is $304, which is considerably lower than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners must budget for these taxes as part of their annual housing costs, and understanding the local tax rate can help them plan their finances more effectively.
Average Ivanhoe Tax Bill
$304
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivanhoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24350 | $91 | $165 | $304 | $446 | $750 |
Source: Ownwell