Vernon Hill, Virginia Property Taxes
The median property tax rate in Vernon Hill, VA is 0.64%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $61,300 in Vernon Hill, the typical annual property tax bill amounts to $429, significantly below the national median of $2,690. Property taxes in Vernon Hill 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. Understanding Vernon Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Vernon Hill or another part of Pittsylvania County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vernon Hill, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$392
$364
Ownwell’s Vernon Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon Hill 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 Vernon Hill, Virginia
Property taxes in Vernon Hill, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon Hill is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Vernon Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon Hill 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 Vernon Hill's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24597 zip code has the highest median property tax rate of 0.64%, while the 24597 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Vernon Hill 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 Vernon Hill Tax Rate
0.64%
Average Pittsylvania County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24597 | 0.34% | 0.62% | 0.64% | 0.74% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Vernon Hill, Virginia
In Vernon Hill, 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 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 Vernon Hill, 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 Vernon Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Vernon Hill is $61,300, with the highest and lowest median tax bills being $429 in the 24597 zip code.
Average Vernon Hill Assessed Value
$61,300
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 Vernon Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24597 | $7,500 | $15,750 | $61,300 | $121,350 | $246,050 |
Source: Ownwell
Property Tax Bills Across Vernon Hill, Virginia
In Vernon Hill, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For a median home price of $61,300, the assessed value plays a crucial role in calculating the tax bill. Homeowners in Vernon Hill can expect varying tax bills depending on their property’s assessed value and the local tax rate. The tax bill can range significantly, with the 25th percentile at $107 and the 75th percentile reaching $806. At the 90th percentile, homeowners might see tax bills as high as $1,309. These figures highlight the variability in tax bills within the area, influenced by property value assessments and the specific rates applied by the county. Compared to the national median property tax rate of 0.99%, Vernon Hill's property taxes provide a unique perspective on how local policies and property values impact homeowners. Understanding these factors can help residents anticipate their annual property tax obligations and manage their finances accordingly.
Average Vernon Hill Tax Bill
$429
Average Pittsylvania County Tax Bill
$436
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon Hill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24597 | $40 | $107 | $429 | $806 | $1,309 |
Source: Ownwell