Callao, Richmond County, Virginia Property Taxes
The median property tax rate in Callao, VA is 0.70%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Callao, the typical annual property tax bill is $763, significantly below the national median of $2,690. Property taxes in Callao 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 Callao'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 Callao 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
Callao, Richmond County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$763
$708
Ownwell’s Callao Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callao with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callao 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 Callao, Richmond County, Virginia
Property taxes in Callao, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Callao is 0.70%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Callao set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callao 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 Callao's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22435 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Callao provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callao Tax Rate
0.70%
Average Richmond County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callao, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Callao, Richmond County, Virginia
In Callao, 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 Richmond 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 Callao, 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 Callao helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22435 has the highest and lowest median tax bill at $763.
Property Tax Assessment Values Across Callao, Richmond County, Virginia
Source: Ownwell
$108,981
$122,415
$135,849
Average Callao Assessed Value
$108,981
Average Richmond County Assessed Value
$134,435
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callao, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | $47,671 | $81,884 | $108,981 | $145,924 | $198,132 |
Source: Ownwell
Property Tax Bills Across Callao, Richmond County, Virginia
Property tax bills in Callao, Richmond County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value, which is determined by the county assessor, reflects the market value of the home. Homeowners in Callao see a range of tax bills, with the 25th percentile at $573 and the 75th percentile reaching $1,021. The 90th percentile tax bill can go up to $1,387. For a median home price of $108,981, the typical tax bill is around $763. This is significantly lower than the national median property tax rate of 0.99%, making Callao an attractive location for homeowners looking to save on property taxes. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Lower property taxes can ease the financial burden on homeowners, allowing for more disposable income and potentially higher property values over time.
Average Callao Tax Bill
$763
Average Richmond County Tax Bill
$931
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Callao, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22435 | $334 | $573 | $763 | $1,021 | $1,387 |
Source: Ownwell