Callao, Virginia Property Taxes
The median property tax rate in Callao, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Callao, the typical annual property tax bill is $755, well below the national median of $2,690. Property taxes in Callao are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Callao'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 Callao or another part of Northumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Callao, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$762
Ownwell’s Callao Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callao with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callao 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 Callao, Virginia
Property taxes in Callao, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Callao is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Callao set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callao 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 Callao's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22435 has both the highest and lowest median property tax rate of 0.61%. Understanding how these zip codes compare with Callao provides valuable insights into the varying tax landscape across Northumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callao Tax Rate
0.61%
Average Northumberland County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callao, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Callao, Virginia
In Callao, 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 Northumberland 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 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 Callao helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Callao is $755.00 in the 22435 zip code, which also has the lowest median tax bill at the same value.
Average Callao Assessed Value
$124,950
Average Northumberland County Assessed Value
$188,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callao, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | $36,470 | $79,400 | $124,950 | $205,950 | $384,240 |
Source: Ownwell
Property Tax Bills Across Callao, Virginia
In Callao, Northumberland County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Callao can expect their tax bills to fall within a range that considers various factors, including property size, location, and improvements. The median home price in Callao is $124,950. Property tax bills in the area vary, with the 25th percentile at $468 and the 75th percentile at $1,249. The 90th percentile tax bill can reach up to $2,344. Compared to the national median property tax rate of 0.99%, Callao's rates offer a perspective on how local tax policies impact homeowners financially. These tax bills are crucial for homeowners as they contribute to local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners manage their finances and plan for future expenses.
Average Callao Tax Bill
$755
Average Northumberland County Tax Bill
$1,131
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Callao, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | $195 | $468 | $755 | $1,249 | $2,344 |
Source: Ownwell