Vernon Hill, Virginia Property Taxes
The median property tax rate in Vernon Hill, VA is 0.50%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $87,163 in Vernon Hill, the typical annual property tax bill is $436, well below the national median of $2,690. Property taxes in Vernon Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Vernon Hill'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 Vernon Hill or another part of Halifax County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vernon Hill, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$436
$404
Ownwell’s Vernon Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon Hill 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 Vernon Hill, Virginia
Property taxes in Vernon Hill, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon Hill is 0.50%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Vernon Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon Hill 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 Vernon Hill's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24597 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Vernon Hill provides valuable insights into the varying tax landscape across Halifax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vernon Hill Tax Rate
0.50%
Average Halifax County Tax Rate
0.50%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24597 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Vernon Hill, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vernon Hill, Virginia. The market value represents the price a willing buyer would pay to 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 Halifax 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 Vernon Hill, 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 Vernon Hill is $87,163, with tax bills ranging from $292 at the 25th percentile to $892 at the 90th percentile. The zip code 24597 has both the highest and lowest median tax bill at $436. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Vernon Hill Assessed Value
$87,163
Average Halifax County Assessed Value
$82,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vernon Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24597 | $24,248 | $58,326 | $87,163 | $126,610 | $178,434 |
Source: Ownwell
Property Tax Bills Across Vernon Hill, Virginia
In Vernon Hill, Halifax County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $87,163. The tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's size, location, and condition, as well as market trends. Homeowners in Vernon Hill typically see tax bills ranging from $292 at the 25th percentile to $633 at the 75th percentile, with the top 10% paying around $892. This variation in tax bills reflects differences in property values and the specific characteristics of each home. Compared to the national median property tax rate of 0.99%, Vernon Hill's rates can be considered relatively moderate, providing some financial relief to homeowners while still generating necessary revenue for local services and infrastructure. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Vernon Hill Tax Bill
$436
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24597 | $121 | $292 | $436 | $633 | $892 |
Source: Ownwell