Cana, Patrick County, Virginia Property Taxes
The median property tax rate in Cana, VA is 0.73%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. Given the median home value in Cana is $81,850, the typical annual property tax bill amounts to $598, significantly below the national median of $2,690. Property taxes in Cana are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Familiarizing yourself with Cana's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're situated in the heart of Cana or its surrounding areas, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Cana, Patrick County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$598
$554
Ownwell’s Cana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cana 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 Cana, Patrick County, Virginia
Property taxes in Cana, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cana is 0.73%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Cana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cana 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 Cana's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24317 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Cana 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 Cana 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 Cana, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24317 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Cana, Patrick County, Virginia
In Cana, 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 Cana, 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 Cana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cana are both $598, found in zip code 24317.
Property Tax Assessment Values Across Cana, Patrick County, Virginia
Source: Ownwell
$54,700
$94,625
$134,550
Average Cana Assessed Value
$81,850
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 Cana, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24317 | $41,850 | $60,975 | $81,850 | $106,600 | $133,650 |
Source: Ownwell
Property Tax Bills Across Cana, Patrick County, Virginia
In Cana, located in Patrick County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market worth. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $81,850, homeowners can expect varying tax bills. The 25th percentile tax bill is around $445, while the 75th percentile reaches up to $778, and the 90th percentile can be as high as $976. Compared to the national median property tax rate of 0.99%, Cana’s tax rates reflect a localized approach to property valuation and taxation. Homeowners in Cana should be aware that factors such as property improvements, neighborhood developments, and changes in the real estate market can influence their assessed values and, consequently, their tax bills. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Cana Tax Bill
$598
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cana, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24317 | $306 | $445 | $598 | $778 | $976 |
Source: Ownwell