Oilville, Virginia Property Taxes
The median property tax rate in Oilville, VA is 0.53%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $584,400 in Oilville, the typical annual property tax bill amounts to $3,006, surpassing the national median of $2,690. Property taxes in Oilville are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oilville'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 Oilville or another part of Goochland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oilville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$3,097
$2,874
Ownwell’s Oilville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oilville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oilville 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 Oilville, Virginia
Property taxes in Oilville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oilville is 0.53%, significantly lower than the U.S. national median of 0.99%. Local government entities within Oilville set these rates annually, and they can vary across different neighborhoods. Each year, Oilville 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 Oilville's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23129 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Oilville provides valuable insights into the varying tax landscape across Goochland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oilville Tax Rate
0.53%
Average Goochland County Tax Rate
0.53%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oilville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23129 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Oilville, Virginia
In Oilville, 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 Goochland 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 Oilville, 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 Oilville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 23129, with a tax bill of $3,006.
Average Oilville Assessed Value
$584,400
Average Goochland County Assessed Value
$453,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oilville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23129 | $190,320 | $316,900 | $584,400 | $669,875 | $798,520 |
Source: Ownwell
Property Tax Bills Across Oilville, Virginia
Property tax bills in Oilville, located in Goochland County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For example, with a median home price of $584,400, homeowners can expect their property tax bill to vary significantly. The tax bill for properties in the 25th percentile is around $1,599, while those in the 75th percentile pay approximately $3,544. At the 90th percentile, the tax bill reaches about $4,232. The highest and lowest median tax bills in the area are both $3,006, indicating a relatively consistent tax rate across different properties. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, the rates in Oilville can be seen as a reflection of the local government's funding needs and the overall property values in the area.
Average Oilville Tax Bill
$3,006
Average Goochland County Tax Bill
$2,269
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Oilville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23129 | $893 | $1,599 | $3,006 | $3,544 | $4,232 |
Source: Ownwell