Village, Virginia Property Taxes
The median property tax rate in Village, VA is 0.70%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Village, the typical annual property tax bill amounts to $576, far below the national median of $2,690. Property taxes in Village are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Village'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 Village or another part of Richmond County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Village, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$576
$534
Ownwell’s Village Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Village with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Village to provide an accurate estimate of 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 Village, Virginia
Property taxes in Village, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Village is 0.70%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Village 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 Village's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22570 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Village 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 Village 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 Village, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22570 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Village, Virginia
In Village, 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 Village, 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. The median home price in Village is $82,282, with tax bills ranging from $576 at the 25th percentile to $576 at the 90th percentile. The highest and lowest median tax bills are both $576, found in zip code 22570. 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 Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Village Assessed Value
$82,282
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 Village, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22570 | $82,282 | $82,282 | $82,282 | $82,282 | $82,282 |
Source: Ownwell
Property Tax Bills Across Village, Virginia
In Village, VA, property tax bills are determined based on the assessed value of a home and the local tax rate set by Richmond County. The assessed value is an estimate of the property's market value, which is periodically reviewed by county assessors. For a median home price of $82,282, homeowners can expect property tax bills around $576, which is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include property size, location, and any improvements made to the home. These elements collectively impact the assessed value, which in turn affects the tax amount owed. Homeowners in Village benefit from relatively modest property tax bills, which can make homeownership more affordable compared to other regions with higher tax rates. This affordability can be a significant advantage for residents, providing some financial relief and potentially increasing the attractiveness of the area for new homebuyers.
Average Village Tax Bill
$576
Average Richmond County Tax Bill
$931
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Village, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22570 | $576 | $576 | $576 | $576 | $576 |
Source: Ownwell