Keswick, Virginia Property Taxes
The median property tax rate in Keswick, VA is 0.44%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Keswick at $418,950, the typical annual property tax bill reaches $1,828, well below the national median of $2,690. Property taxes in Keswick 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 Keswick'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 Keswick 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
Keswick, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,843
Ownwell’s Keswick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keswick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keswick 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 Keswick, Virginia
Property taxes in Keswick, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keswick is 0.44%, which is lower than the U.S. national median of 0.99%. Local government entities within Keswick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keswick 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. Understanding Keswick's effective property tax rate compared to the national median 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 Keswick Tax Rate
0.44%
Average Louisa County Tax Rate
0.40%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keswick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22947 | 0.31% | 0.39% | 0.44% | 0.48% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Keswick, Virginia
In Keswick, 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 Keswick, 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 Keswick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Keswick, the zip code 22947 sees the highest median tax bill at $1828, which is significantly lower than the national median property tax rate of 0.99%. This information can be pivotal for residents aiming to manage their property taxes effectively.
Average Keswick Assessed Value
$418,950
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 Keswick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22947 | $132,950 | $275,600 | $418,950 | $593,950 | $736,710 |
Source: Ownwell
Property Tax Bills Across Keswick, Virginia
In Keswick, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Louisa County Assessor's Office. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition, as well as recent sales of comparable properties in the area. For homeowners in Keswick, the median home price is $418,950. The tax bills can vary significantly, with the 25th percentile at $1,045, the 75th percentile at $2,529, and the 90th percentile reaching up to $3,360. The highest median tax bill in the area is $1,828, which is relatively lower compared to the national median property tax rate of 0.99%. This calculation affects homeowners by influencing their annual financial planning and potentially impacting their decision to buy or sell property in Keswick.
Average Keswick Tax Bill
$1,828
Average Louisa County Tax Bill
$1,027
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Keswick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22947 | $542 | $1,045 | $1,828 | $2,529 | $3,360 |
Source: Ownwell