Covington County, Virginia Property Taxes
The median property tax rate in Covington is 0.85%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Covington, the typical annual property tax bill is $541, significantly below the national median of $2,690. Property taxes in Covington are calculated based on the assessed value, which tends to be lower than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Covington's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you reside in Covington or another part of the county, gaining a comprehensive understanding of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Covington County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$541
$502
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Covington with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Covington to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Covington County, Virginia
Property taxes in Covington play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Covington is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly between different areas within the county. Each year, Covington estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Covington's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Covington itself has one of the higher property tax rates in Virginia at 0.85%, while also boasting one of the lowest at 0.85%. Analyzing how Covington's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Covington County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Covington County, Virginia
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Covington, VA. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Covington Appraisal District. The assessed value, however, 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. Assessment notices in Covington are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. Covington has a median home price of $63,600, with tax bills ranging from $294 at the 25th percentile to $1,287 at the 90th percentile. The city with both the highest and lowest median tax bill is Covington, at $541. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Covington County, Virginia
Source: Ownwell
$63,600
$63,600
$63,600
Average Covington County Assessed Value
$63,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Covington County, Virginia
In Covington, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. For instance, the median home price in Covington is $63,600, and homeowners can expect a tax bill ranging from $294 at the 25th percentile to $1,287 at the 90th percentile. This means that while some homeowners may pay as little as $294, others could see bills as high as $1,287, depending on their property's assessed value and applicable exemptions. The highest and lowest median tax bills in Covington are both $541, which is significantly below the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Covington County Tax Bill
$541
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690