Danville, Virginia Property Taxes
The median property tax rate in Danville, VA is 0.68%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $78,500 in Danville, the typical annual property tax bill amounts to $595, significantly below the national median of $2,690. Property taxes in Danville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Danville'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 Danville 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
Danville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$534
$495
Ownwell’s Danville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Danville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Danville 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 Danville, Virginia
Property taxes in Danville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Danville is 0.68%, lower than the Virginia state median and the U.S. national median of 0.99%. Local government entities within Danville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Danville 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 Danville's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24586 zip code has the highest median property tax rate of 0.75%, while the 24541 zip code has the lowest median tax rate of 0.64%. Understanding how these areas compare with Danville 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 Danville Tax Rate
0.68%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Danville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24540 | 0.62% | 0.62% | 0.69% | 0.74% | 0.82% |
| 24541 | 0.62% | 0.62% | 0.64% | 0.72% | 0.82% |
| 24586 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Danville, Virginia
In Danville, VA, 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 Danville, 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 instance, the zip code with the highest median tax bill is 24586 at $672.00, while the lowest is 24541 at $360.00. 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 Danville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Danville Assessed Value
$78,500
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 Danville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24540 | $3,500 | $16,150 | $90,400 | $149,100 | $228,820 |
| 24541 | $6,000 | $13,500 | $48,200 | $142,500 | $252,120 |
| 24586 | $89,100 | $89,100 | $89,100 | $89,100 | $89,100 |
Source: Ownwell
Property Tax Bills Across Danville, Virginia
Property tax bills in Danville, VA, are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or changes made to the property. For homeowners in Danville, this means that their tax bill can vary significantly depending on these factors. For example, the median home price in Danville is $78,500, and tax bills can range widely. At the 25th percentile, homeowners might pay around $95, while those at the 75th percentile could see bills up to $1,023. The highest median tax bill in Danville's zip code 24586 is $672, whereas the lowest is $360 in zip code 24541. These variations highlight the importance of understanding how property taxes are calculated and the potential financial impact on homeowners.
Average Danville Tax Bill
$595
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Danville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24540 | $22 | $120 | $666 | $1,036 | $1,515 |
| 24541 | $31 | $81 | $360 | $978 | $1,647 |
| 24586 | $672 | $672 | $672 | $672 | $672 |
Source: Ownwell