Ararat, Virginia Property Taxes
The median property tax rate in Ararat, VA is 0.73%, which is lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $75,000 in Ararat, the typical annual property tax bill amounts to $548, significantly below the national median of $2,690. Property taxes in Ararat are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Ararat'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 Ararat or another part of Patrick County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ararat, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$548
Ownwell’s Ararat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ararat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ararat 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 Ararat, Virginia
Property taxes in Ararat, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ararat is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Ararat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ararat 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 Ararat's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24053 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Ararat provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ararat Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ararat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24053 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Ararat, Virginia
In Ararat, 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 Patrick 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 Ararat, 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 Ararat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ararat is $75,000, with annual tax bills ranging from $296 at the 25th percentile to $1,294 at the 90th percentile.
Average Ararat Assessed Value
$75,000
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ararat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24053 | $19,240 | $40,500 | $75,000 | $119,100 | $177,320 |
Source: Ownwell
Property Tax Bills Across Ararat, Virginia
In Ararat, located in Patrick County, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Ararat is $75,000. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. Homeowners in Ararat typically see a range of tax bills. For instance, the tax bill at the 25th percentile is $296, while it rises to $869 at the 75th percentile and can go up to $1,294 at the 90th percentile. These tax bills impact homeowners by affecting their annual housing costs. The highest and lowest median tax bills in the area are both $548, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Ararat compared to other regions. Understanding these factors helps homeowners plan their finances more effectively.
Average Ararat Tax Bill
$548
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ararat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24053 | $140 | $296 | $548 | $869 | $1,294 |
Source: Ownwell