Keokee, Virginia Property Taxes
The median property tax rate in Keokee, VA is 0.62%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Keokee at $29,350, the typical annual property tax bill is $182, far below the national median of $2,690. Property taxes in Keokee are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Keokee'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 Keokee 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
Keokee, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$182
Ownwell’s Keokee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keokee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keokee 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 Keokee, Virginia
Property taxes in Keokee, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keokee is 0.62%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Keokee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keokee 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 Keokee's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24265 zip code has the highest median property tax rate of 0.62%, while the 24265 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Keokee 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 Keokee 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 Keokee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24265 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Keokee, Virginia
In Keokee, 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 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 Keokee, 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 Keokee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24265 has the highest and lowest median tax bill, both valued at $182.
Average Keokee Assessed Value
$29,350
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 Keokee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24265 | $6,440 | $14,700 | $29,350 | $44,275 | $61,060 |
Source: Ownwell
Property Tax Bills Across Keokee, Virginia
In Keokee, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Keokee is $29,350, and the tax rate is applied to this assessed value to determine the tax bill. Factors such as property condition, improvements, and market trends are considered during the assessment process. Homeowners in Keokee experience a range of tax bills, with the 25th percentile paying around $91 and the 75th percentile paying approximately $278. At the higher end, the 90th percentile faces a tax bill of about $384. The highest median tax bill in the area is $182, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, roads, and emergency services, directly impacting the quality of life for residents. Lower property tax bills can make homeownership more affordable, but they also mean fewer resources for community services.
Average Keokee Tax Bill
$182
Average Lee County Tax Bill
$316
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Keokee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24265 | $40 | $91 | $182 | $278 | $384 |
Source: Ownwell