Victoria, Virginia Property Taxes
The median property tax rate in Victoria, 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 Victoria at $72,950, the typical annual property tax bill is $278, which is well below the national median of $2,690. Property taxes in Victoria 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 Victoria'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 Victoria 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
Victoria, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$277
$257
Ownwell’s Victoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Victoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Victoria 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 Victoria, Virginia
Property taxes in Victoria, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Victoria is 0.38%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Victoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Victoria 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 Victoria's effective property tax rate to other counties in Virginia and the national median. Understanding how these cities compare with Victoria 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 Victoria 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 Victoria, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23974 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Victoria, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Victoria, Virginia. 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 Victoria, 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 Victoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Victoria is $72,950, with the highest median tax bill being $278 in the 23974 zip code, the same as the lowest median tax bill.
Average Victoria Assessed Value
$72,950
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 Victoria, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23974 | $19,300 | $40,975 | $72,950 | $122,825 | $196,800 |
Source: Ownwell
Property Tax Bills Across Victoria, Virginia
In Victoria, Lunenburg County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Victoria is $72,950. Homeowners can expect their property tax bills to vary significantly depending on the value of their property. The 25th percentile of tax bills is around $156, while the 75th percentile reaches up to $467, and the 90th percentile can be as high as $749. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. The highest and lowest median tax bills in the area are both $278, found in the 23974 zip code. Compared to the national median property tax rate of 0.99%, Victoria's tax rates may provide some relief to homeowners, but the actual amount can still vary widely based on individual property values. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Victoria Tax Bill
$278
Average Lunenburg County Tax Bill
$320
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Victoria, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23974 | $74 | $156 | $278 | $467 | $749 |
Source: Ownwell