Rockbridge Baths, Virginia Property Taxes
The median property tax rate in Rockbridge Baths, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Rockbridge Baths at $280,650, the typical annual property tax bill is $1,552, which is well below the national median of $2,690. Property taxes in Rockbridge Baths 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 Rockbridge Baths' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rockbridge Baths 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
Rockbridge Baths, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Rockbridge Baths Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockbridge Baths with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockbridge Baths 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 Rockbridge Baths, Virginia
Property taxes in Rockbridge Baths, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockbridge Baths 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 Rockbridge Baths set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockbridge Baths 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 Rockbridge Baths' effective property tax rate to other counties in Virginia and the national median. For comparison, the 24473 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these areas compare with Rockbridge Baths 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 Rockbridge Baths 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 Rockbridge Baths, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24473 | 0.37% | 0.57% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Rockbridge Baths, Virginia
In Rockbridge Baths, 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 Rockbridge Baths, 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 Rockbridge Baths helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rockbridge Baths is $280,650, with tax bills ranging from $981 at the 25th percentile to $3,526 at the 90th percentile. The zip code 24473 has both the highest and lowest median tax bill at $1,552.
Property Tax Assessment Values Across Rockbridge Baths, Virginia
Source: Ownwell
$123,300
$411,950
$700,600
Average Rockbridge Baths Assessed Value
$280,650
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 Rockbridge Baths, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24473 | $106,990 | $174,000 | $280,650 | $444,775 | $674,990 |
Source: Ownwell
Property Tax Bills Across Rockbridge Baths, Virginia
In Rockbridge Baths, VA, property tax bills are calculated based on the assessed value of a home. The local government determines this assessed value, which is often a percentage of the property's market value. Homeowners in Rockbridge Baths can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the median home price in the area is $280,650. Property tax bills in Rockbridge Baths range from $981 at the 25th percentile to $3,526 at the 90th percentile, with the median tax bill being $1,552. This median tax bill is higher than the national median property tax rate of 0.99%, reflecting the local tax rate and assessment practices. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners should be aware that higher property values generally result in higher tax bills, impacting their overall cost of homeownership.
Average Rockbridge Baths Tax Bill
$1,552
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockbridge Baths, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24473 | $527 | $981 | $1,552 | $2,430 | $3,526 |
Source: Ownwell