Natural Bridge, Virginia Property Taxes
The median property tax rate in Natural Bridge, VA is 0.61%, 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 $223,500 in Natural Bridge, the typical annual property tax bill amounts to $1,271, significantly below the national median of $2,690. Property taxes in Natural Bridge are calculated based on the tax assessed value, which often falls below market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Natural Bridge'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 Natural Bridge or another part of Rockbridge County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Natural Bridge, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,363
Ownwell’s Natural Bridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Natural Bridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Natural Bridge 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 Natural Bridge, Virginia
Property taxes in Natural Bridge, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Natural Bridge is 0.61%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Natural Bridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Natural Bridge 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 Natural Bridge's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24578 zip code has the highest median property tax rate of 0.61%, while the same zip code has the lowest median tax rate of 0.61%. Understanding how these cities compare with Natural Bridge provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Natural Bridge Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Natural Bridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24578 | 0.37% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Natural Bridge, Virginia
In Natural Bridge, 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 Rockbridge 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. 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 Natural Bridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Natural Bridge, zip code 24578 has both the highest and lowest median tax bill at $1,271.
Property Tax Assessment Values Across Natural Bridge, Virginia
Source: Ownwell
$123,300
$411,950
$700,600
Average Natural Bridge Assessed Value
$223,500
Average Rockbridge County Assessed Value
$223,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Natural Bridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24578 | $86,320 | $134,300 | $223,500 | $362,200 | $607,190 |
Source: Ownwell
Property Tax Bills Across Natural Bridge, Virginia
In Natural Bridge, located in Rockbridge County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $223,500. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as the property's location, size, and condition influence its assessed value. For instance, the tax bills in this region vary significantly, with the 25th percentile at $774 and the 75th percentile at $1919, reflecting the diverse property values within the area. High-value properties can see tax bills as high as $3152, which is still relatively moderate compared to some regions. Homeowners should note that these taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Natural Bridge offers a competitive tax environment, making it an attractive area for homeowners seeking a balance between property value and tax obligations.
Average Natural Bridge Tax Bill
$1,271
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Natural Bridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24578 | $430 | $774 | $1,271 | $1,919 | $3,152 |
Source: Ownwell