Paris, Virginia Property Taxes
The median property tax rate in Paris, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Paris at $374,600, the typical annual property tax bill amounts to $2,046, which is below the national median of $2,690. Property taxes in Paris 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 Paris'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 Paris 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
Paris, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$2,248
$2,086
Ownwell’s Paris Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paris 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 Paris, Virginia
Property taxes in Paris, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Paris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paris 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 Paris's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 20130 has the highest median property tax rate of 0.60%, while the same zip code 20130 also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
0.60%
Average Clarke County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paris, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20130 | 0.48% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Virginia
In Paris, 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 Clarke 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 Paris, 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. The median home price in Paris is $374,600, with the tax bill for the 25th percentile at $1,583 and the 75th percentile at $2,909. The highest and lowest median tax bills are both $2,046 in the zip code 20130. Being aware of these valuation processes in Paris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paris Assessed Value
$374,600
Average Clarke County Assessed Value
$342,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paris, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20130 | $200,600 | $272,500 | $374,600 | $507,550 | $765,000 |
Source: Ownwell
Property Tax Bills Across Paris, Virginia
In Paris, located in Clarke County, VA, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $374,600, the tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,583, while those in the 75th percentile see bills near $2,909. The top 10% of homeowners face tax bills up to $3,779. The highest and lowest median tax bills in the area both stand at $2,046, highlighting a degree of consistency in tax assessments within the 20130 zip code. Compared to the national median property tax rate of 0.99%, Paris homeowners experience a range that can impact their financial planning. These tax obligations are crucial for funding local services, but they also mean homeowners need to budget accordingly to manage these annual expenses.
Average Paris Tax Bill
$2,046
Average Clarke County Tax Bill
$2,002
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Paris, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20130 | $1,133 | $1,583 | $2,046 | $2,909 | $3,779 |
Source: Ownwell