Axton, Virginia Property Taxes
The median property tax rate in Axton, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Axton at $62,000, the typical annual property tax bill is $344, well below the national median of $2,690. Property taxes in Axton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Axton'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 Axton 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
Axton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$347
Ownwell’s Axton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Axton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Axton 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 Axton, Virginia
Property taxes in Axton, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Axton is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Axton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Axton 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 Axton's effective property tax rate to other areas in Henry County and the national median. For comparison, the 24054 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these areas compare with Axton provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Axton Tax Rate
0.56%
Average Henry County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Axton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24054 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Axton, Virginia
In Axton, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Henry 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 Axton, 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 Axton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Axton, the zip code 24054 has the highest and lowest median tax bill at $344.
Average Axton Assessed Value
$62,000
Average Henry County Assessed Value
$71,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Axton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24054 | $15,600 | $32,825 | $62,000 | $93,200 | $138,800 |
Source: Ownwell
Property Tax Bills Across Axton, Virginia
In Axton, located in Henry 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. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Axton is $62,000, which provides a baseline for understanding typical tax bills in the area. Homeowners in Axton can expect their tax bills to vary significantly, as evidenced by the 25th percentile tax bill of $182 and the 75th percentile tax bill of $517. The 90th percentile tax bill reaches up to $770, indicating higher-valued properties or those with additional assessments. Compared to the national median property tax rate of 0.99%, Axton's property tax rates can be considered relatively moderate. These tax bills directly affect homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it an essential component of homeownership in the area.
Average Axton Tax Bill
$344
Average Henry County Tax Bill
$396
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Axton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24054 | $87 | $182 | $344 | $517 | $770 |
Source: Ownwell