Reedville, Virginia Property Taxes
The median property tax rate in Reedville, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Reedville at $193,200, the typical annual property tax bill is $1,165, which is significantly below the national median of $2,690. Property taxes in Reedville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Reedville'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 Reedville 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
Reedville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,179
Ownwell’s Reedville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reedville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reedville 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 Reedville, Virginia
Property taxes in Reedville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reedville is 0.61%, significantly lower than the U.S. national median of 0.99%. Local government entities within Reedville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reedville 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 Reedville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22539 zip code has both the highest and lowest median property tax rate of 0.61%. Understanding how these cities compare with Reedville 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 Reedville 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 Reedville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22539 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Reedville, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reedville, 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 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. In Reedville, 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 Reedville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Reedville, the median home price is $193,200. The 25th percentile tax bill is $526, while the 75th percentile tax bill is $2,092. The highest median tax bill, found in zip code 22539, is $1,165.
Average Reedville Assessed Value
$193,200
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 Reedville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22539 | $29,560 | $88,500 | $193,200 | $343,700 | $487,640 |
Source: Ownwell
Property Tax Bills Across Reedville, Virginia
In Reedville, Northumberland County, VA, property tax bills are calculated based on the assessed value of your home. The median home price in Reedville is $193,200, and this figure plays a significant role in determining your tax bill. The county assesses your property to establish its value, which is then multiplied by the local tax rate to calculate your annual property tax. Several factors influence your property tax bill, including the assessed value of your home and the local tax rate. The tax bill varies significantly within Reedville, with the 25th percentile at $526 and the 75th percentile reaching $2,092. For the top 10% of properties, tax bills can be as high as $2,957. These variations highlight the impact of property value assessments and local tax rates on homeowners. Understanding how these elements interact helps homeowners anticipate their annual property tax obligations, ensuring they can budget accordingly and avoid unexpected financial burdens.
Average Reedville Tax Bill
$1,165
Average Northumberland County Tax Bill
$1,131
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Reedville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22539 | $165 | $526 | $1,165 | $2,092 | $2,957 |
Source: Ownwell