Colonial Heights, Colonial Heights County, Virginia Property Taxes
The median property tax rate in Colonial Heights, VA is 1.20%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Colonial Heights at $174,700, the typical annual property tax bill reaches $2,074, exceeding the national median of $2,690. Property taxes in Colonial Heights 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 Colonial Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Colonial Heights 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
Colonial Heights, Colonial Heights County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,096
$1,945
Ownwell’s Colonial Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colonial Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colonial Heights 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 Colonial Heights, Colonial Heights County, Virginia
Property taxes in Colonial Heights, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Colonial Heights is 1.20%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Colonial Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colonial Heights 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 Colonial Heights's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23834 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Colonial Heights provides valuable insights into the varying tax landscape across Colonial Heights, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Property Tax Rates Across Colonial Heights, Colonial Heights County, Virginia
Source: Ownwell
1.20%
1.20%
1.20%
Average Colonial Heights Tax Rate
1.20%
Average Colonial Heights County Tax Rate
1.20%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colonial Heights, Colonial Heights County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23834 | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Colonial Heights, Colonial Heights County, Virginia
In Colonial Heights, 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 Colonial Heights, 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 instance, the highest median tax bill in Colonial Heights is $2,074 in the 23834 zip code, which is also the lowest median tax bill. 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 Colonial Heights, Colonial Heights County, Virginia
Source: Ownwell
$174,700
$198,800
$222,900
Average Colonial Heights Assessed Value
$174,700
Average Colonial Heights County Assessed Value
$174,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colonial Heights, Colonial Heights County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23834 | $123,400 | $142,700 | $174,700 | $221,700 | $272,400 |
Source: Ownwell
Property Tax Bills Across Colonial Heights, Colonial Heights County, Virginia
In Colonial Heights, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the city's tax assessor, who evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $174,700, homeowners can expect varying tax bills. The 25th percentile tax bill is $1,652, while the 75th percentile reaches $2,663, and the 90th percentile can go up to $3,311. Factors influencing the tax bill include property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Colonial Heights homeowners experience a distinctive range of tax bills. These taxes are crucial as they fund local services such as schools, public safety, and infrastructure, directly affecting the community's quality of life.
Property Tax Bills Across Colonial Heights, Colonial Heights County, Virginia
Source: Ownwell
$2,074
$2,375
$2,675
Average Colonial Heights Tax Bill
$2,074
Average Colonial Heights County Tax Bill
$2,075
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Colonial Heights, Colonial Heights County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23834 | $1,362 | $1,652 | $2,074 | $2,663 | $3,311 |
Source: Ownwell