Dillwyn, Virginia Property Taxes
The median property tax rate in Dillwyn, VA is 0.75%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $111,945 in Dillwyn, the typical annual property tax bill amounts to $840, significantly less than the national median of $2,690. Property taxes in Dillwyn are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Dillwyn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Dillwyn 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
Dillwyn, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$840
Ownwell’s DILLWYN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DILLWYN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DILLWYN 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 Dillwyn, Virginia
Property taxes in Dillwyn, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dillwyn is 0.75%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Dillwyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dillwyn 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 Dillwyn's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23936 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Dillwyn provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dillwyn Tax Rate
0.75%
Average Cumberland County Tax Rate
0.75%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dillwyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23936 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Dillwyn, Virginia
In Dillwyn, 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 Dillwyn, 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 Dillwyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $840 in the 23936 zip code.
Average Dillwyn Assessed Value
$111,945
Average Cumberland County Assessed Value
$125,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dillwyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23936 | $26,085 | $55,108 | $111,945 | $207,455 | $298,145 |
Source: Ownwell
Property Tax Bills Across Dillwyn, Virginia
In DILLWYN, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors are considered in this assessment, including the property's location, size, and condition. The median home price in DILLWYN is $111,945, which provides a baseline for understanding tax bills in the area. Homeowners in DILLWYN experience a wide range in their property tax bills. For instance, those in the 25th percentile pay around $413 annually, while those in the 75th percentile pay about $1,556. The 90th percentile sees tax bills as high as $2,236. These figures illustrate the variability in tax burdens based on property values and assessments. Compared to the national median property tax rate of 0.99%, DILLWYN's tax rates and bills can significantly impact homeowners, affecting their overall financial planning and homeownership costs.
Average Dillwyn Tax Bill
$840
Average Cumberland County Tax Bill
$944
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dillwyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23936 | $196 | $413 | $840 | $1,556 | $2,236 |
Source: Ownwell