Red House, Virginia Property Taxes
The median property tax rate in Red House, VA is 0.62%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Red House at $72,320, the typical annual property tax bill amounts to $447, well 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 various 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 substantial 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
0.62%
Estimate Property Tax Bill
$448
Ownwell’s Red House Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red House is 0.62%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Red House set these rates annually, and they can vary significantly 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 counties in Virginia and the national median. For comparison, the 23963 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Red House provides valuable insights into the varying tax landscape across Charlotte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red House Tax Rate
0.62%
Average Charlotte County Tax Rate
0.62%
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 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
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 Charlotte 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. 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. The zip code with the highest median tax bill is 23963, with a median tax bill of $447, which is the same for the lowest median tax bill.
Average Red House Assessed Value
$72,320
Average Charlotte County Assessed Value
$71,940
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 | $17,939 | $35,190 | $72,320 | $127,350 | $195,534 |
Source: Ownwell
Property Tax Bills Across Red House, Virginia
In Red House, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. Factors such as the home's size, age, location, and market conditions influence this assessed value. The local tax rate, applied to this value, determines the final tax bill. The median home price in Red House is $72,320, which helps to contextualize these calculations. For example, the 25th percentile tax bill is $213, while the 75th percentile tax bill is $768. The 90th percentile tax bill reaches up to $1,212, indicating a range of tax burdens depending on property values and specific assessments. Comparatively, the highest and lowest median tax bills in the area are both $447, occurring in the 23963 zip code. Homeowners in Red House experience varying impacts from property taxes, with some paying significantly more or less depending on their property’s assessed value and the corresponding tax rate. This variability can affect household budgets and financial planning, making it crucial for homeowners to understand how their tax bills are determined.
Average Red House Tax Bill
$447
Average Charlotte County Tax Bill
$441
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 | $110 | $213 | $447 | $768 | $1,212 |
Source: Ownwell