Bumpass, Virginia Property Taxes
The median property tax rate in Bumpass, VA is 0.40%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $317,400 in Bumpass, the typical annual property tax bill amounts to $1,128, which is well below the national median of $2,690. Property taxes in Bumpass are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Bumpass'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 Bumpass or another part of Louisa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bumpass, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,270
Ownwell’s Bumpass Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bumpass with just two simple inputs. By providing your property's estimated assessed value, the calculator uses the median tax rate in Bumpass to project your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the amount determined by Louisa County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Bumpass, Virginia
Property taxes in Bumpass, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bumpass is 0.40%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bumpass set these rates annually, and they can vary across different neighborhoods. Each year, Bumpass 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 Bumpass's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23024 has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Bumpass provides valuable insights into the varying tax landscape across Louisa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bumpass Tax Rate
0.40%
Average Louisa County Tax Rate
0.40%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bumpass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23024 | 0.14% | 0.35% | 0.40% | 0.44% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Bumpass, Virginia
In Bumpass, 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 Louisa 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 Bumpass, 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 Bumpass helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23024 has the highest and lowest median tax bill, both at $1,128, reflecting the uniformity in tax assessments within the area.
Average Bumpass Assessed Value
$317,400
Average Louisa County Assessed Value
$299,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bumpass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23024 | $148,020 | $241,300 | $317,400 | $465,725 | $951,500 |
Source: Ownwell
Property Tax Bills Across Bumpass, Virginia
In Bumpass, property tax bills are determined by the assessed value of a home and the local tax rate set by Louisa County. The median home price in Bumpass is $317,400, which serves as a baseline for calculating property taxes. Homeowners can expect tax bills to vary significantly based on their property's assessed value. For instance, the 25th percentile tax bill is $762, while the 75th percentile tax bill rises to $1,756, and at the 90th percentile, it reaches $3,709. These figures reflect how property taxes can impact homeowners differently, with those owning higher-valued properties facing steeper tax bills. The highest and lowest median tax bills in Bumpass are both recorded at $1,128, indicating a level of consistency within certain areas of the city. When compared to the national median property tax rate of 0.99%, Bumpass homeowners experience a relatively moderate tax burden. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Bumpass Tax Bill
$1,128
Average Louisa County Tax Bill
$1,027
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bumpass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23024 | $313 | $762 | $1,128 | $1,756 | $3,709 |
Source: Ownwell