Nora, Virginia Property Taxes
The median property tax rate in Nora, VA is 0.60%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Nora at $50,100, the typical annual property tax bill amounts to $301, well below the national median of $2,690. Property taxes in Nora 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 Nora'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 Nora 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
Nora, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$301
$279
Ownwell’s NORA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORA 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 Nora, Virginia
Property taxes in Nora, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nora is 0.60%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Nora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nora 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 Nora's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24272 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Nora 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 Nora 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 Nora, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24272 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Nora, Virginia
In NORA, 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 Dickenson 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 NORA, 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 NORA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24272, both sitting at $301.
Average Nora Assessed Value
$50,100
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 Nora, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24272 | $15,640 | $26,375 | $50,100 | $77,100 | $103,330 |
Source: Ownwell
Property Tax Bills Across Nora, Virginia
In NORA, located in Dickenson County, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in this area is $50,100. To determine the tax bill, the assessed value is multiplied by the tax rate set by the local government. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in NORA, the property tax bill can vary significantly. At the 25th percentile, the tax bill is around $158, while at the 75th percentile, it rises to $463. Those at the 90th percentile can expect to pay approximately $620. These variations illustrate how property taxes can impact homeowners differently based on their property's assessed value. Comparatively, the highest and lowest median tax bills in the area are both $301, highlighting a relatively narrow range of tax burdens within certain zip codes. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Nora Tax Bill
$301
Average Dickenson County Tax Bill
$312
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Nora, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24272 | $94 | $158 | $301 | $463 | $620 |
Source: Ownwell