Reva, Virginia Property Taxes
The median property tax rate in REVA, VA is 0.46%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in REVA, the typical annual property tax bill reaches $1,573, well below the national median of $2,690. Property taxes in REVA 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 REVA'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 REVA 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
Reva, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$1,610
$1,494
Ownwell’s REVA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REVA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REVA 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 Reva, Virginia
Property taxes in REVA, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in REVA is 0.46%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within REVA set these rates annually, and they can vary significantly across different neighborhoods. Each year, REVA 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 REVA's effective property tax rate to other areas in Virginia and the national median. For comparison, the 22735 zip code has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these areas compare with REVA provides valuable insights into the varying tax landscape across Culpeper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reva Tax Rate
0.46%
Average Culpeper County Tax Rate
0.46%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reva, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22735 | 0.33% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Reva, Virginia
In Reva, 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 Culpeper 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 Reva, 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 Reva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Reva is $1573, found in zip code 22735, while the lowest median tax bill is also $1573, making it uniform across the area.
Average Reva Assessed Value
$350,000
Average Culpeper County Assessed Value
$394,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reva, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22735 | $229,520 | $277,200 | $350,000 | $439,800 | $580,960 |
Source: Ownwell
Property Tax Bills Across Reva, Virginia
In Reva, located in Culpeper County, VA, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in Reva stands at $350,000. Homeowners can expect their property tax bills to vary significantly based on the assessed value of their homes. For instance, the tax bill for the 25th percentile is $1,176, while the 75th percentile sees a tax bill of $1,933, and the 90th percentile reaches up to $2,406. These figures indicate that the property tax burden can vary widely among homeowners, with some paying considerably more than others. The highest and lowest median tax bills in the area are both recorded at $1,573 in the zip code 22735, reflecting a consistent tax rate application across properties. Compared to the national median property tax rate of 0.99%, Reva's property tax rates can significantly impact homeowners' annual expenses, influencing their overall cost of living and financial planning.
Average Reva Tax Bill
$1,573
Average Culpeper County Tax Bill
$1,772
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Reva, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22735 | $930 | $1,176 | $1,573 | $1,933 | $2,406 |
Source: Ownwell