Meherrin, Virginia Property Taxes
The median property tax rate in Meherrin, VA is 0.38%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Meherrin at $81,200, the typical annual property tax bill amounts to $309, which is well below the national median of $2,690. Property taxes in Meherrin are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a solid understanding of Meherrin's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Meherrin or another part of Lunenburg County, familiarizing yourself with the local property tax structure will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Meherrin, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$309
Ownwell’s Meherrin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meherrin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meherrin 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 Meherrin, Virginia
Property taxes in Meherrin, Virginia, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Meherrin is 0.38%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Meherrin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meherrin 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 Meherrin's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in the region is significantly higher, while other areas with lower tax rates offer a different perspective. Understanding how these cities compare with Meherrin 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 Meherrin 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 Meherrin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23954 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Meherrin, Virginia
In Meherrin, 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 Lunenburg 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. Assessment notices in Meherrin 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 Meherrin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Meherrin is $309.00 in the 23954 zip code, while the lowest median tax bill is also $309.00 in the same zip code.
Average Meherrin Assessed Value
$81,200
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 Meherrin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23954 | $18,740 | $33,125 | $81,200 | $136,825 | $203,790 |
Source: Ownwell
Property Tax Bills Across Meherrin, Virginia
In Meherrin, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in Meherrin is $81,200. Property tax rates are applied to this assessed value to determine the annual tax bill. In Meherrin, the property tax rate is significantly lower than the national median rate of 0.99%. Homeowners in Meherrin can expect tax bills to vary widely. The 25th percentile tax bill is $126, indicating that a quarter of homeowners pay less than this amount annually. On the higher end, the 75th percentile tax bill is $520, and the 90th percentile tax bill reaches $774. The highest median tax bill in the area is $309, found in the zip code 23954. These property taxes fund essential local services, such as schools, public safety, and infrastructure. Understanding how property taxes are calculated can help homeowners budget for these expenses and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Meherrin Tax Bill
$309
Average Lunenburg County Tax Bill
$320
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Meherrin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23954 | $71 | $126 | $309 | $520 | $774 |
Source: Ownwell