Chatham, Virginia Property Taxes
The median property tax rate in Chatham, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Chatham, the typical annual property tax bill is $362, far below the national median of $2,690. Property taxes in Chatham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chatham'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 Chatham or another part of Pittsylvania County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chatham, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$307
$285
Ownwell’s Chatham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatham 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 Chatham, Virginia
Property taxes in Chatham, Virginia, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Chatham is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Chatham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatham 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 Chatham's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24531 has both the highest and the lowest median property tax rate of 0.65%. Understanding how these cities compare with Chatham provides valuable insights into the varying tax landscape across Pittsylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatham Tax Rate
0.65%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24531 | 0.49% | 0.62% | 0.65% | 0.76% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Chatham, Virginia
In Chatham, 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 Pittsylvania 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 Chatham, 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. The median home price in Chatham is $47,200, with tax bills ranging from $62 at the 25th percentile to $1,206 at the 90th percentile. The highest and lowest median tax bills in the area are both $363, found in the 24531 zip code. Being aware of these valuation processes in Chatham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chatham Assessed Value
$47,200
Average Pittsylvania County Assessed Value
$56,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24531 | $4,200 | $12,000 | $47,200 | $114,200 | $195,290 |
Source: Ownwell
Property Tax Bills Across Chatham, Virginia
Property tax bills in Chatham, VA, are determined based on the assessed value of a property, which is typically lower than its market value. The tax rate, set by local authorities in Pittsylvania County, is applied to this assessed value to calculate the annual tax bill. For homeowners in Chatham, the median home price stands at $47,200. At the 25th percentile, tax bills are around $62, while they can rise to $791 at the 75th percentile and reach up to $1,206 at the 90th percentile. Several factors influence these tax bills, including property size, location, and improvements made to the home. The highest and lowest median tax bills in the area are both $363, indicating some consistency in tax assessments within certain zip codes. Compared to the national median property tax rate of 0.99%, Chatham's property tax rates appear relatively moderate. For homeowners, understanding these factors can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Chatham Tax Bill
$362
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24531 | $19 | $62 | $363 | $791 | $1,206 |
Source: Ownwell