Bassett, Virginia Property Taxes
The median property tax rate in Bassett, 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 Bassett at $66,050, the typical annual property tax bill is $366, far below the national median of $2,690. Property taxes in Bassett are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bassett'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 Bassett or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bassett, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$370
$343
Ownwell’s Bassett Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bassett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bassett to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Henry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bassett, Virginia
Property taxes in Bassett, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bassett is 0.56%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bassett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bassett 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 Bassett's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24055 zip code has the highest median property tax rate of 0.56%, while the lowest median tax rate is also 0.56%. Understanding how these cities compare with Bassett 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 Bassett 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 Bassett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24055 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Bassett, Virginia
In Bassett, 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 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 Bassett, 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 example, the median home price in Bassett is $66,050, with tax bills ranging from $203 at the 25th percentile to $732 at the 90th percentile. The highest and lowest median tax bills are both $366 in the zip code 24055. 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 Bassett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bassett Assessed Value
$66,050
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 Bassett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24055 | $15,400 | $36,600 | $66,050 | $95,000 | $131,950 |
Source: Ownwell
Property Tax Bills Across Bassett, Virginia
In Bassett, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the property's market value. Homeowners in Bassett, located in Henry County, face property tax bills that vary significantly. For instance, the tax bill for the 25th percentile is $203, while the 75th percentile sees a tax bill of $527, with the 90th percentile reaching up to $732. These values reflect how different factors, such as property size, location, and market conditions, influence the assessed value and ultimately the tax bill. The median home price in Bassett is $66,050, which is relatively low compared to national averages. This lower median home price impacts the overall tax bills, making them more manageable for homeowners. However, even within the same zip code, tax bills can vary, with the highest and lowest median tax bills both being $366 in the 24055 zip code. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Bassett Tax Bill
$366
Average Henry County Tax Bill
$396
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bassett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24055 | $85 | $203 | $366 | $527 | $732 |
Source: Ownwell