Craig County, Virginia Property Taxes
The median property tax rate in Craig County is 0.63%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $106,800 in Craig County, the typical annual property tax bill amounts to $663, well below the national median of $2,690. Property taxes in Craig County are calculated based on the assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Craig County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in New Castle or another part of Craig County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Craig County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$673
$624
Ownwell’s Craig County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Craig County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Craig County 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 Craig County, Virginia
Property taxes in Craig County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Craig County is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Craig County set these rates annually, and they can vary significantly between different areas within the county. Each year, Craig County 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. For comparison, the city of Covington has one of the higher property tax rates in Virginia at 0.63%, while the city of Catawba boasts one of the lowest at 0.63%. Analyzing how Craig County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Craig County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craig County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Catawba | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Covington | N/A | N/A | N/A | N/A | N/A |
| New Castle | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Newport | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Paint Bank | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Craig County, Virginia
In Craig County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. 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 Craig County 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 Craig County 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. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. The highest median tax bill in the region is found in Covington at $1,074, while Paint Bank has the lowest median tax bill at $587. Being aware of these valuation processes in Craig County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Craig County Assessed Value
$106,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craig County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Catawba | $33,310 | $66,975 | $135,700 | $197,025 | $267,350 |
| Covington | N/A | N/A | N/A | N/A | N/A |
| New Castle | $26,310 | $58,875 | $104,900 | $164,075 | $230,480 |
| Newport | $38,060 | $77,750 | $125,000 | $184,550 | $253,680 |
| Paint Bank | $35,370 | $56,450 | $93,200 | $147,675 | $198,880 |
Source: Ownwell
Property Tax Bills Across Craig County, Virginia
In Craig County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Craig County, the median home price is $106,800. The tax bill varies significantly across different percentiles. At the 25th percentile, homeowners might pay around $344, while those at the 75th percentile could see bills as high as $1,049. The top 10% of tax bills can reach up to $1,468. Comparatively, Covington has the highest median tax bill at $1,074, while Paint Bank has the lowest at $587. Understanding these variations helps homeowners anticipate their financial obligations and plan accordingly. The property tax rate in Craig County is a crucial factor for homeowners, especially when compared to the national median property tax rate of 0.99%.
Average Craig County Tax Bill
$663
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Craig County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Catawba | $209 | $413 | $841 | $1,240 | $1,693 |
| Covington | N/A | N/A | N/A | N/A | N/A |
| New Castle | $158 | $346 | $647 | $1,025 | $1,442 |
| Newport | $229 | $484 | $788 | $1,163 | $1,598 |
| Paint Bank | $223 | $337 | $587 | $930 | $1,253 |
Source: Ownwell