Paint Bank, Virginia Property Taxes
The median property tax rate in Paint Bank, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $93,200 in Paint Bank, the typical annual property tax bill amounts to $587, significantly below the national median of $2,690. Property taxes in Paint Bank 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 Paint Bank'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 Paint Bank 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
Paint Bank, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$587
Ownwell’s Paint Bank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paint Bank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paint Bank 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 Paint Bank, Virginia
Property taxes in Paint Bank, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paint Bank is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Paint Bank set these rates annually, and they can vary across different neighborhoods. Each year, Paint Bank 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 Paint Bank's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24131 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Paint Bank provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paint Bank Tax Rate
0.63%
Average Craig County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paint Bank, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24131 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Paint Bank, Virginia
In Paint Bank, 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 Craig 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 Paint Bank, 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. Being aware of these valuation processes in Paint Bank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Paint Bank is $587.00 in zip code 24131, which is also the lowest median tax bill.
Average Paint Bank Assessed Value
$93,200
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 Paint Bank, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24131 | $35,370 | $56,450 | $93,200 | $147,675 | $198,880 |
Source: Ownwell
Property Tax Bills Across Paint Bank, Virginia
Property tax bills in Paint Bank, Craig County, VA, are calculated based on the assessed value of a property and the local tax rate. Homeowners in this region face a median home price of $93,200. The tax bill is determined by multiplying the assessed value by the local property tax rate. For instance, a property assessed at the median home price would generate a tax bill around the county's median of $587.00. This tax rate places Craig County slightly below the national median property tax rate of 0.99%. Homeowners in Paint Bank can expect tax bills ranging from the 25th percentile at $337 to the 75th percentile at $930, with the 90th percentile reaching up to $1,253. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence these assessments. Understanding these factors is crucial for homeowners as they directly impact annual tax obligations, potentially affecting overall financial planning and property affordability.
Average Paint Bank Tax Bill
$587
Average Craig County Tax Bill
$663
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Paint Bank, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24131 | $223 | $337 | $587 | $930 | $1,253 |
Source: Ownwell