Norton, Virginia Property Taxes
The median property tax rate in Norton, VA is 0.90%, slightly lower than the national median of 0.99% but marginally higher than Virginia's state median of 0.89%. With a median home value of $74,600 in Norton, the typical annual property tax bill amounts to $671, well below the national median of $2,690. Property taxes in Norton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Norton’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 Norton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$671
$623
Ownwell’s Norton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norton 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 Norton, Virginia
Property taxes in Norton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norton is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Norton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norton 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 Norton's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24273 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Norton provides valuable insights into the varying tax landscape across Norton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norton Tax Rate
0.90%
Average Norton County Tax Rate
0.90%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Norton, Virginia
In Norton, 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 county's 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 Norton, 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 example, the median home price in Norton is $74,600, with tax bills ranging from $433 at the 25th percentile to $2,100 at the 90th percentile. The highest and lowest median tax bills are both $671 in the 24273 zip code. By understanding 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 Norton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norton Assessed Value
$74,600
Average Norton County Assessed Value
$74,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | $28,820 | $48,100 | $74,600 | $126,600 | $233,680 |
Source: Ownwell
Property Tax Bills Across Norton, Virginia
In Norton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the home's location, size, age, and condition can influence its assessed value. In Norton, the median home price is $74,600, which provides a baseline for understanding local tax bills. Homeowners in Norton can expect a wide range of property tax bills. For example, the 25th percentile tax bill is approximately $433, while the 75th percentile tax bill reaches $1,140, and the 90th percentile can be as high as $2,100. These figures illustrate the variability in tax obligations depending on the property's assessed value and specific characteristics. Comparatively, Norton's median property tax rate is lower than the national median property tax rate of 0.99%, making it relatively more affordable for homeowners. However, the tax bill still significantly impacts household budgets, emphasizing the importance of accurate property assessments and understanding local tax policies.
Average Norton Tax Bill
$671
Average Norton County Tax Bill
$671
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Norton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | $258 | $433 | $671 | $1,140 | $2,100 |
Source: Ownwell