Jarratt, Virginia Property Taxes
The median property tax rate in Jarratt, VA is 0.67%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Jarratt at $90,950, the typical annual property tax bill reaches $610, well below the national median of $2,690. Property taxes in Jarratt 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 Jarratt'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 Jarratt 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
Jarratt, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Jarratt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jarratt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jarratt 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 Jarratt, Virginia
Property taxes in Jarratt, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jarratt is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Jarratt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jarratt 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 Jarratt's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23867 zip code has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Jarratt provides valuable insights into the varying tax landscape across Greensville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jarratt Tax Rate
0.67%
Average Greensville County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jarratt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23867 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Jarratt, Virginia
In Jarratt, 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 Greensville 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 Jarratt, 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 Jarratt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23867 has the highest and lowest median tax bill at $610, reflecting the uniformity in property tax assessments across the area.
Average Jarratt Assessed Value
$90,950
Average Greensville County Assessed Value
$83,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jarratt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23867 | $47,010 | $61,425 | $90,950 | $117,225 | $165,770 |
Source: Ownwell
Property Tax Bills Across Jarratt, Virginia
In Jarratt, located in Greensville County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Jarratt, the median home price is $90,950. This results in a median tax bill of $610, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and condition. Homeowners in Jarratt can expect tax bills to vary, with the 25th percentile tax bill at $411 and the 75th percentile at $787. At the 90th percentile, the tax bill can reach up to $1,111. These variations reflect differences in property values and individual assessments, impacting how much homeowners pay annually. Understanding these factors can help homeowners anticipate their property tax obligations more accurately.
Average Jarratt Tax Bill
$610
Average Greensville County Tax Bill
$563
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Jarratt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23867 | $315 | $411 | $610 | $787 | $1,111 |
Source: Ownwell