Danville, Danville County, Virginia Property Taxes
The median property tax rate in Danville, VA is 0.84%, which is lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $63,500 in Danville, the typical annual property tax bill amounts to $533, significantly less than the national median of $2,690. Property taxes in Danville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Danville'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 Danville 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
Danville, Danville County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$533
$495
Ownwell’s Danville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Danville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Danville 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 Danville, Danville County, Virginia
Property taxes in Danville, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Danville is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Danville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Danville 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 Danville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24540 zip code has the highest median property tax rate of 0.84%, while the same 24540 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Danville provides valuable insights into the varying tax landscape across Danville, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Danville Tax Rate
0.84%
Average Danville County Tax Rate
0.84%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Danville, Danville County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24540 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| 24541 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Danville, Danville County, Virginia
In Danville, 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 Danville, 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. For instance, the highest median tax bill in Danville is $623 in the 24541 zip code, while the lowest median tax bill is $443 in the 24540 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Danville, Danville County, Virginia
Source: Ownwell
$52,700
$63,450
$74,200
Average Danville Assessed Value
$63,500
Average Danville County Assessed Value
$63,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Danville, Danville County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24540 | $12,750 | $26,700 | $52,700 | $86,025 | $118,200 |
| 24541 | $17,810 | $32,300 | $74,200 | $120,975 | $203,400 |
Source: Ownwell
Property Tax Bills Across Danville, Danville County, Virginia
In Danville, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. The tax rate, set by local government authorities, is then applied to the assessed value to determine the annual tax bill. For instance, with a median home price of $63,500, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $246, while the 75th percentile reaches around $848. At the higher end, the 90th percentile tax bill can be as much as $1,323. Factors influencing the tax bill include property size, location, and any improvements or modifications made to the property. In Danville, the highest median tax bill is found in the 24541 zip code at $623, whereas the lowest is in the 24540 zip code at $443. These property taxes directly impact homeowners by affecting their annual housing costs and overall financial planning. Comparing these figures to the national median property tax rate of 0.99% highlights the local variances in tax burdens.
Average Danville Tax Bill
$533
Average Danville County Tax Bill
$533
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Danville, Danville County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24540 | $107 | $224 | $443 | $723 | $993 |
| 24541 | $150 | $271 | $623 | $1,016 | $1,709 |
Source: Ownwell