Cleveland, Virginia Property Taxes
The median property tax rate in Cleveland, VA is 0.60%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Cleveland, the typical annual property tax bill reaches $394, significantly below the national median of $2,690. Property taxes in Cleveland 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 Cleveland'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 Cleveland 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
Cleveland, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$395
$366
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Virginia
Property taxes in Cleveland, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24225 has both the highest and lowest median property tax rate of 0.60%, illustrating the uniformity in tax rates within Dickenson County. Understanding how these cities compare with Cleveland provides valuable insights into the varying tax landscape across Dickenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.60%
Average Dickenson County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24225 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Virginia
In Cleveland, 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 24225 at $394, which is also the lowest median tax bill in the area.
Average Cleveland Assessed Value
$65,750
Average Dickenson County Assessed Value
$51,100
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24225 | $54,030 | $58,425 | $65,750 | $73,075 | $77,470 |
Source: Ownwell
Property Tax Bills Across Cleveland, Virginia
In Cleveland, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Cleveland is $65,750. Property taxes are then levied based on this assessed value and the local tax rate. For example, homeowners in Cleveland can expect their property tax bills to range from $351 at the 25th percentile to $465 at the 90th percentile. The median tax bill in the area is $394, which falls within the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location within Dickenson County and any applicable exemptions or deductions. This variability can significantly impact homeowners, as higher assessed values and tax rates lead to increased financial obligations. Understanding these factors can help homeowners better anticipate their annual property tax bills and plan accordingly. By staying informed, homeowners can ensure they are adequately prepared for their financial responsibilities.
Average Cleveland Tax Bill
$394
Average Dickenson County Tax Bill
$312
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24225 | $324 | $351 | $394 | $438 | $465 |
Source: Ownwell