Bruington, Virginia Property Taxes
The median property tax rate in Bruington, VA is 0.73%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bruington, the typical annual property tax bill amounts to $1,444, significantly below the national median of $2,690. Property taxes in Bruington 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 Bruington'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 Bruington or another part of Essex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bruington, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,540
$1,429
Ownwell’s Bruington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bruington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bruington 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 Bruington, Virginia
Property taxes in Bruington, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruington is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Bruington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruington 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 Bruington's effective property tax rate to other areas in the county and the national median. For comparison, the zip code 23023 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Bruington provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruington Tax Rate
0.73%
Average Essex County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bruington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23023 | 0.66% | 0.71% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Bruington, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bruington, Virginia. 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 Essex 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 Bruington, 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. The median home price in Bruington stands at $210,950. 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 zip code 23023 has the highest and lowest median tax bill at $1,444. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bruington Assessed Value
$210,950
Average Essex County Assessed Value
$164,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bruington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23023 | $131,510 | $175,025 | $210,950 | $223,700 | $225,500 |
Source: Ownwell
Property Tax Bills Across Bruington, Virginia
Property tax bills in Bruington, Essex County, VA, are calculated based on the assessed value of your property. The assessed value is determined by local tax assessors who evaluate your property's market worth. This assessment is then multiplied by the local tax rate to compute the annual tax bill. Homeowners in Bruington face a diverse range of tax bills, with the 25th percentile paying around $1,134 and the 75th percentile paying up to $1,633. The highest median tax bill in the area is $1,444, reflecting the value of properties in the zip code 23023. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. For homeowners, this means that higher assessed property values can lead to higher tax bills, impacting monthly budgets and long-term financial planning. Understanding how these factors interact is crucial for homeowners to manage their finances effectively and anticipate future tax obligations.
Average Bruington Tax Bill
$1,444
Average Essex County Tax Bill
$1,202
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23023 | $902 | $1,134 | $1,444 | $1,633 | $1,646 |
Source: Ownwell