Ben Hur, Virginia Property Taxes
The median property tax rate in Ben Hur, VA is 0.62%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ben Hur at $63,450, the typical annual property tax bill reaches $393, significantly below the national median of $2,690. Property taxes in Ben Hur 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 Ben Hur'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 Ben Hur 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
Ben Hur, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$393
Ownwell’s Ben Hur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ben Hur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ben Hur 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 Ben Hur, Virginia
Property taxes in Ben Hur, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ben Hur is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Ben Hur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ben Hur 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 Ben Hur's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24218 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Ben Hur provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ben Hur Tax Rate
0.62%
Average Lee County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ben Hur, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24218 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Ben Hur, Virginia
In Ben Hur, 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 Lee County Assessor's Office 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 Ben Hur, 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. In Ben Hur, the median home price is $63,450. The median tax bill for the 25th percentile is $267, while the 75th percentile is $519. The highest and lowest median tax bills in the area are both $393, found in the 24218 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ben Hur Assessed Value
$63,450
Average Lee County Assessed Value
$50,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ben Hur, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24218 | $30,850 | $43,075 | $63,450 | $83,825 | $96,050 |
Source: Ownwell
Property Tax Bills Across Ben Hur, Virginia
In Ben Hur, located in Lee County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Ben Hur, the median home price is $63,450, which serves as a baseline for these calculations. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Ben Hur is $267, while the 75th percentile tax bill rises to $519, and the 90th percentile tax bill reaches $594. These variations illustrate how different property characteristics and values can significantly impact the amount homeowners owe annually. Compared to the national median property tax rate of 0.99%, the tax rates in Ben Hur offer a relatively affordable option for homeowners, allowing them to manage their finances more effectively while still contributing to local services and infrastructure.
Average Ben Hur Tax Bill
$393
Average Lee County Tax Bill
$316
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ben Hur, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24218 | $191 | $267 | $393 | $519 | $594 |
Source: Ownwell