Charlottesville, Virginia Property Taxes
The median property tax rate in Charlottesville, VA is 0.98%, slightly below the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $404,800 in Charlottesville, the typical annual property tax bill amounts to $3,957, surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Charlottesville'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 Charlottesville or another part of the city, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Charlottesville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$3,967
$3,681
Ownwell’s Charlottesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charlottesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charlottesville 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 Charlottesville, Virginia
Property taxes in Charlottesville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charlottesville is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Charlottesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charlottesville 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 Charlottesville's effective property tax rate to other localities in Virginia and the national median. For comparison, the 22901 zip code has the highest median property tax rate of 0.98%, while the 22902 zip code has the lowest median tax rate of 0.97%. Understanding how these areas compare with Charlottesville provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charlottesville Tax Rate
0.98%
Average Charlottesville County Tax Rate
0.98%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charlottesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22901 | 0.97% | 0.97% | 0.98% | 0.98% | 0.99% |
| 22902 | 0.97% | 0.97% | 0.97% | 0.98% | 0.99% |
| 22903 | 0.97% | 0.97% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Charlottesville, Virginia
In Charlottesville, 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 local 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 Charlottesville, 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. For example, the highest median tax bill in Charlottesville is $4,444 in the 22901 zip code, while the lowest median tax bill is $3,745 in the 22902 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Charlottesville, Virginia
Source: Ownwell
$382,200
$418,000
$453,800
Average Charlottesville Assessed Value
$404,800
Average Charlottesville County Assessed Value
$404,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charlottesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22901 | $341,670 | $379,100 | $453,800 | $565,475 | $727,600 |
| 22902 | $236,400 | $295,900 | $382,200 | $538,500 | $742,640 |
| 22903 | $202,800 | $295,500 | $399,000 | $538,850 | $816,210 |
Source: Ownwell
Property Tax Bills Across Charlottesville, Virginia
In Charlottesville, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by the local assessor's office. Various factors influence this assessed value, including the property's size, location, and condition. Homeowners in Charlottesville face varying tax bills, with the 25th percentile at $3,016 and the 75th percentile at $5,340. The highest median tax bill in the area is $4,444 in zip code 22901, while the lowest is $3,745 in zip code 22902. These figures reflect how property taxes can significantly impact homeowners' finances, with some paying nearly twice as much as others. Compared to the national median property tax rate of 0.99%, Charlottesville's rates can be relatively high, affecting the overall affordability of homeownership in the region. Homeowners must budget accordingly to accommodate these annual expenses.
Average Charlottesville Tax Bill
$3,957
Average Charlottesville County Tax Bill
$3,957
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Charlottesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22901 | $3,249 | $3,674 | $4,444 | $5,562 | $7,137 |
| 22902 | $2,279 | $2,870 | $3,745 | $5,273 | $7,235 |
| 22903 | $1,941 | $2,840 | $3,903 | $5,269 | $7,920 |
Source: Ownwell