Parrott, Virginia Property Taxes
The median property tax rate in Parrott, VA is 0.74%, which is considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Parrott at $85,750, the typical annual property tax bill reaches $633, significantly below the national median of $2,690. Property taxes in Parrott 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 Parrott'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 Parrott 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
Parrott, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$635
$589
Ownwell’s Parrott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parrott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parrott 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 Parrott, Virginia
Property taxes in Parrott, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parrott is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Parrott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parrott 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 Parrott's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24132 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Parrott provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parrott Tax Rate
0.74%
Average Pulaski County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parrott, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24132 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Parrott, Virginia
In Parrott, 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 Pulaski 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 Parrott, 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 Parrott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Parrott is $85,750, with tax bills ranging from $405 at the 25th percentile to $1,200 at the 90th percentile. The highest and lowest median tax bills both stand at $633 in the 24132 zip code.
Average Parrott Assessed Value
$85,750
Average Pulaski County Assessed Value
$120,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parrott, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24132 | $34,450 | $56,875 | $85,750 | $118,425 | $164,250 |
Source: Ownwell
Property Tax Bills Across Parrott, Virginia
In Parrott, Pulaski County, VA, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $85,750, the tax bill can vary significantly. Homeowners in the 25th percentile typically see tax bills around $405, while those in the 75th percentile might pay approximately $859. At the 90th percentile, tax bills can reach up to $1,200. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. These taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Pulaski County's rates offer a relatively affordable option for homeowners, making it an attractive place to settle.
Average Parrott Tax Bill
$633
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Parrott, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24132 | $228 | $405 | $633 | $859 | $1,200 |
Source: Ownwell