Rose Hill, Virginia Property Taxes
The median property tax rate in Rose Hill, 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 Rose Hill at $50,800, the typical annual property tax bill is $316, significantly less than the national median of $2,690. Property taxes in Rose Hill 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 Rose Hill'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 Rose Hill 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
Rose Hill, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$315
$292
Ownwell’s Rose Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rose Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rose Hill 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 Rose Hill, Virginia
Property taxes in Rose Hill, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rose Hill is 0.62%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Rose Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rose Hill 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 Rose Hill's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24281 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Rose Hill 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 Rose Hill 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 Rose Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24281 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Rose Hill, Virginia
In Rose Hill, 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 local 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 Rose Hill, 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 Rose Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in the area is 24281, with a median bill of $316.
Average Rose Hill Assessed Value
$50,800
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 Rose Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24281 | $12,100 | $26,400 | $50,800 | $78,900 | $115,000 |
Source: Ownwell
Property Tax Bills Across Rose Hill, Virginia
In Rose Hill, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Lee County. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $50,800, the tax bill can vary significantly depending on the assessed value and applicable exemptions. Homeowners in Rose Hill experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $166, while at the 75th percentile, it rises to about $490. For those in the 90th percentile, the tax bill can reach up to $714. These variations are influenced by factors such as property location, improvements, and local tax policies. Comparatively, the national median property tax rate is 0.99%, and the median tax bill in Rose Hill is notably lower. This lower tax burden can make homeownership more affordable, but it's crucial for homeowners to stay informed about potential changes in assessed values and tax rates that could impact their annual property tax bills.
Average Rose Hill Tax Bill
$316
Average Lee County Tax Bill
$316
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rose Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24281 | $77 | $166 | $316 | $490 | $714 |
Source: Ownwell