Virgilina, Virginia Property Taxes
The median property tax rate in Virgilina, VA is 0.50%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Virgilina, the typical annual property tax bill reaches $425, far below the national median of $2,690. Property taxes in Virgilina 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 Virgilina'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 Virgilina or another part of Halifax County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virgilina, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$425
$394
Ownwell’s Virgilina Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Virgilina with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Virgilina to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Halifax County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Virgilina, Virginia
Property taxes in Virgilina, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Virgilina is 0.50%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Virgilina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virgilina 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 Virgilina's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24598 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Virgilina 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 Virgilina 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 Virgilina, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Virgilina, Virginia
In Virgilina, 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 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 Virgilina, 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. For instance, the median home price in Virgilina is $84,938, with tax bills ranging from $267 at the 25th percentile to $922 at the 90th percentile. The highest and lowest median tax bills are both $425, found in the zip code 24598. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Virgilina Assessed Value
$84,938
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 Virgilina, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | $26,749 | $53,345 | $84,938 | $121,862 | $184,318 |
Source: Ownwell
Property Tax Bills Across Virgilina, Virginia
In Virgilina, property tax bills are calculated based on the assessed value of a property, which is determined by the Halifax County assessor's office. The assessed value is a percentage of the market value of the home. This value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $84,938, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $267, while at the 75th percentile, it rises to $609, and at the 90th percentile, it reaches $922. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Virgilina's rates can be seen as relatively moderate. Understanding these factors is crucial for homeowners as property taxes directly impact their annual financial planning and overall cost of homeownership.
Average Virgilina Tax Bill
$425
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Virgilina, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | $134 | $267 | $425 | $609 | $922 |
Source: Ownwell