Vesta, Virginia Property Taxes
The median property tax rate in Vesta, VA is 0.73%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Vesta at $50,500, the typical annual property tax bill is $369, significantly below the national median of $2,690. Property taxes in Vesta 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 Vesta'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 Vesta or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vesta, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$369
$342
Ownwell’s Vesta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vesta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vesta 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 Vesta, Virginia
Property taxes in Vesta, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Vesta is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Vesta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vesta 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 Vesta's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24177 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 Vesta 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 Vesta 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 Vesta, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24177 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Vesta, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vesta, VA. 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 Vesta, 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 Vesta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Vesta is $50,500, with the highest and lowest median tax bills both being $369 in the 24177 zip code.
Average Vesta Assessed Value
$50,500
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 Vesta, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24177 | $50,500 | $50,500 | $50,500 | $50,500 | $50,500 |
Source: Ownwell
Property Tax Bills Across Vesta, Virginia
In Vesta, Virginia, property tax bills are determined by assessing the value of a property and applying the local tax rate to that assessed value. The assessed value is typically a percentage of the property's market value, which is determined by the local assessor's office. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Vesta, the median home price is $50,500, and the property tax rate is aligned with the local policies. The tax bills in Vesta are relatively uniform, with the 25th, 75th, and 90th percentile tax bills all at $369. This consistency indicates a stable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Vesta's property tax rate ensures that homeowners are not overly burdened. The highest and lowest median tax bills in the area are both $369, showing minimal variation across different properties. This predictable tax structure helps homeowners plan their finances more effectively.
Average Vesta Tax Bill
$369
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Vesta, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24177 | $369 | $369 | $369 | $369 | $369 |
Source: Ownwell