South Boston, Virginia Property Taxes
The median property tax rate in South Boston, VA is 0.72%, 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 $129,900 in South Boston, the typical annual property tax bill amounts to $925, which is significantly below the national median of $2,690. Property taxes in South Boston are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding South Boston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're located in the heart of South Boston or another part of Pittsylvania County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Boston, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$935
Ownwell’s South Boston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Boston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Boston 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 South Boston, Virginia
Property taxes in South Boston, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Boston is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within South Boston set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Boston 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 South Boston's effective property tax rate to other areas in Pittsylvania County and the national median. For comparison, the zip code 24592 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with South Boston 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 South Boston Tax Rate
0.72%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Boston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24592 | 0.70% | 0.71% | 0.72% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across South Boston, Virginia
In South Boston, 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 local assessment office 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. 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 South Boston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In South Boston, the zip code 24592 has both the highest and lowest median tax bill at $925.
Average South Boston Assessed Value
$129,900
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 South Boston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24592 | $97,740 | $109,800 | $129,900 | $150,000 | $162,060 |
Source: Ownwell
Property Tax Bills Across South Boston, Virginia
In South Boston, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessment takes into account various factors such as the size, age, and condition of the property, as well as recent sales of comparable homes in the area. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in South Boston, the tax bill can vary significantly. The median home price in the area is $129,900, with property tax bills ranging from the 25th percentile at $801 to the 90th percentile at $1,125. The median tax bill stands at $925, which is slightly below the national median property tax rate of 0.99%. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners budget accordingly and anticipate their financial obligations.
Average South Boston Tax Bill
$925
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across South Boston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24592 | $726 | $801 | $925 | $1,050 | $1,125 |
Source: Ownwell