Chase City, Virginia Property Taxes
The median property tax rate in Chase City, VA is 0.38%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Chase City at $97,900, the typical annual property tax bill reaches $372, significantly below the national median of $2,690. Property taxes in Chase City 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 Chase City'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 Chase City 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
Chase City, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$372
$345
Ownwell’s Chase City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chase City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chase City 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 Chase City, Virginia
Property taxes in Chase City, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chase City is 0.59%, which is higher than the Virginia state median of 0.52% but still lower than the U.S. national median of 0.99%. Local government entities within Chase City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chase City 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 Chase City's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23185 zip code has the highest median property tax rate of 0.92%, while the 23851 zip code has the lowest median tax rate of 0.47%. Understanding how these cities compare with Chase City provides valuable insights into the varying tax landscape across Lunenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chase City Tax Rate
0.38%
Average Lunenburg County Tax Rate
0.38%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chase City, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23924 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Chase City, Virginia
In Chase City, 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 Chase City, 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 Chase City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $97,900, and the median tax bill ranges from $176 at the 25th percentile to $1,045 at the 90th percentile. The zip code with the highest and lowest median tax bill is 23924, both at $372.
Average Chase City Assessed Value
$97,900
Average Lunenburg County Assessed Value
$83,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chase City, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23924 | $18,320 | $46,300 | $97,900 | $156,000 | $275,100 |
Source: Ownwell
Property Tax Bills Across Chase City, Virginia
In Chase City, VA, property tax bills are calculated based on the assessed value of a home. The median home price here is $97,900, and the property's assessed value plays a crucial role in determining the tax bill. Factors such as location, property size, and market trends are considered during the assessment process. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $176, and the 75th percentile tax bill at $593. At the higher end, the 90th percentile tax bill can reach $1,045. Compared to the national median property tax rate of 0.99%, Lunenburg County’s tax rate can lead to relatively moderate tax bills. For instance, the highest median tax bill in the region, found in zip code 23924, stands at $372. This rate affects homeowners by influencing their annual financial planning and the overall cost of owning property in Chase City. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Chase City Tax Bill
$372
Average Lunenburg County Tax Bill
$320
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chase City, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23924 | $70 | $176 | $372 | $593 | $1,045 |
Source: Ownwell