Loretto, Virginia Property Taxes
The median property tax rate in Loretto, VA is 0.73%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Loretto at $211,509, the typical annual property tax bill amounts to $1,455, significantly below the national median of $2,690. Property taxes in Loretto are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining an understanding of Loretto'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 Loretto or another part of Essex County, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loretto, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,544
$1,433
Ownwell’s Loretto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretto 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 Loretto, Virginia
Property taxes in Loretto, Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Loretto is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Loretto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretto 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. Understanding how Loretto's effective property tax rate compares to other areas in Essex County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretto 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 Loretto, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22509 | 0.65% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Virginia
In Loretto, 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 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 Loretto, 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 Loretto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Loretto is $211,509, with tax bills ranging from $908 at the 25th percentile to $3,724 at the 90th percentile. The highest and lowest median tax bill is $1,455 in zip code 22509.
Average Loretto Assessed Value
$211,509
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 Loretto, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22509 | $82,140 | $126,650 | $211,509 | $351,242 | $519,083 |
Source: Ownwell
Property Tax Bills Across Loretto, Virginia
In Loretto, Essex County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Loretto is $211,509, which serves as a basis for determining the property tax. Homeowners in this region can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile tax bill is $908, while the 75th percentile tax bill reaches $2,392, and the 90th percentile tax bill can go up to $3,724. This range indicates how different factors, such as property location, size, and improvements, influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Essex County's tax bills reflect the specific economic and policy conditions of the area. Homeowners need to be aware of these factors as they directly impact their annual financial obligations, making property tax management a crucial aspect of homeownership in Loretto.
Average Loretto Tax Bill
$1,455
Average Essex County Tax Bill
$1,202
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretto, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22509 | $592 | $908 | $1,455 | $2,392 | $3,724 |
Source: Ownwell