Locust Hill, Virginia Property Taxes
The median property tax rate in Locust Hill, VA is 0.61%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Locust Hill at $232,500, the typical annual property tax bill amounts to $1,396, which is below the national median of $2,690. Property taxes in Locust Hill are calculated based on the assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Locust Hill'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 Locust Hill or another part of Middlesex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Locust Hill, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,418
$1,316
Ownwell’s Locust Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Hill 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 Locust Hill, Virginia
Property taxes in Locust Hill, Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Locust Hill is 0.61%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Locust Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust Hill 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 Locust Hill's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23092 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Locust Hill provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Hill Tax Rate
0.61%
Average Middlesex County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23092 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Locust Hill, Virginia
In Locust Hill, 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 Middlesex 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 Locust Hill, 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 Locust Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 23092, with a median tax bill of $1,396.
Average Locust Hill Assessed Value
$232,500
Average Middlesex County Assessed Value
$256,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23092 | $64,790 | $134,875 | $232,500 | $378,950 | $553,530 |
Source: Ownwell
Property Tax Bills Across Locust Hill, Virginia
In Locust Hill, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Locust Hill is $232,500. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $813 and the 75th percentile reaching $2,319. The 90th percentile tax bill can go as high as $3,377, reflecting the variability in property values and tax assessments. The property tax rate in Locust Hill is influenced by county-level decisions, and Middlesex County has a median tax bill of $1,396. This is relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in Locust Hill should be aware that factors such as property improvements, changes in market conditions, and local government budgets can impact their assessed values and, consequently, their tax bills. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Locust Hill Tax Bill
$1,396
Average Middlesex County Tax Bill
$1,538
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23092 | $382 | $813 | $1,396 | $2,319 | $3,377 |
Source: Ownwell