Virgilina, Virginia Property Taxes
The median property tax rate in Virgilina, VA is 0.40%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Virgilina at $102,100, the typical annual property tax bill is $408, well below the national median of $2,690. Property taxes in Virgilina are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Virgilina's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Virgilina or another part of Mecklenburg County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virgilina, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$408
$379
Ownwell’s Virgilina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virgilina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virgilina 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 Virgilina, Virginia
Property taxes in Virgilina, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virgilina is 0.40%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Virgilina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virgilina 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 Virgilina'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 in zip code 22901 with a rate of 1.08%, while the lowest median tax rate is in zip code 22473 at 0.31%. Understanding how these cities compare with Virgilina 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 Virgilina 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 Virgilina, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Virgilina, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Virgilina, 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 Virgilina, 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. For instance, the highest median tax bill in the area is $408 in the 24598 zip code, which also happens to have the lowest median tax bill at $408. 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 Virgilina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Virgilina Assessed Value
$102,100
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 Virgilina, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | $44,780 | $53,100 | $102,100 | $145,000 | $184,520 |
Source: Ownwell
Property Tax Bills Across Virgilina, Virginia
In Virgilina, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property's location, size, and improvements play a significant role in determining the assessed value. In Virgilina, homeowners can expect a median property tax bill of $408, which is derived from the median home price of $102,100. This is considerably lower than the national median property tax rate of 0.99%. Homeowners in Virgilina may see tax bills ranging from $212 at the 25th percentile to $738 at the 90th percentile, reflecting variations in property values and assessments. This variability can affect homeowners' financial planning and budgeting, making it crucial to understand how local property taxes are calculated. Lower property tax rates in Virgilina can be an attractive factor for potential homebuyers, offering a more affordable living option compared to other regions.
Average Virgilina Tax Bill
$408
Average Mecklenburg County Tax Bill
$427
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Virgilina, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24598 | $179 | $212 | $408 | $580 | $738 |
Source: Ownwell