Bracey, Mecklenburg County, Virginia Property Taxes
The median property tax rate in Bracey, 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 $80,500 in Bracey, the typical annual property tax bill is $322, well below the national median of $2,690. Property taxes in Bracey 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 Bracey'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 Bracey or another part of Mecklenburg County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bracey, Mecklenburg County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$322
$299
Ownwell’s Bracey Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bracey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bracey 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 Bracey, Mecklenburg County, Virginia
Property taxes in Bracey, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bracey is 0.40%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bracey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bracey 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 Bracey's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is found in Falls Church City, with a rate of 1.31%, while the lowest median tax rate is found in Buchanan County at 0.32%. Understanding how these cities compare with Bracey provides valuable insights into the varying tax landscape across Mecklenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bracey Tax Rate
0.40%
Average Mecklenburg County Tax Rate
0.40%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bracey, Mecklenburg County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23919 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Bracey, Mecklenburg County, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bracey, 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 Mecklenburg 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 Bracey, 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 Bracey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, in zip code 23919, the median tax bill is $322.
Property Tax Assessment Values Across Bracey, Mecklenburg County, Virginia
Source: Ownwell
$68,200
$122,050
$175,900
Average Bracey Assessed Value
$80,500
Average Mecklenburg County Assessed Value
$106,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bracey, Mecklenburg County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23919 | $6,900 | $11,400 | $80,500 | $234,400 | $441,180 |
Source: Ownwell
Property Tax Bills Across Bracey, Mecklenburg County, Virginia
In Bracey, located in Mecklenburg County, VA, property tax bills are calculated based on the assessed value of a home. The county assesses properties to determine their value, which then serves as the basis for calculating the tax bill. For instance, with a median home price of $80,500, the tax bill can vary significantly. Homeowners in the 25th percentile might pay around $46, while those in the 75th percentile could see bills as high as $938. At the 90th percentile, the tax bill can reach up to $1,765. These variations depend on multiple factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Bracey's tax rates can be relatively modest or quite substantial, impacting homeowners differently. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Bracey Tax Bill
$322
Average Mecklenburg County Tax Bill
$427
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bracey, Mecklenburg County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23919 | $28 | $46 | $322 | $938 | $1,765 |
Source: Ownwell