Steeles Tavern, Virginia Property Taxes
The median property tax rate in Steeles Tavern, VA is 0.19%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Steeles Tavern at $700,600, the typical annual property tax bill is $1,359, well below the national median of $2,690. Property taxes in Steeles Tavern 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 Steeles Tavern'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 Steeles Tavern 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
Steeles Tavern, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.19%
Estimate Property Tax Bill
$1,331
Ownwell’s Steeles Tavern Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Steeles Tavern with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steeles Tavern 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 Steeles Tavern, Virginia
Property taxes in Steeles Tavern, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steeles Tavern is 0.19%, significantly lower than both the Virginia state median of 0.74% and the U.S. national median of 0.99%. Local government entities within Steeles Tavern set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steeles Tavern 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 Steeles Tavern's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is 1.21%, while the lowest median tax rate is 0.42%. Understanding how these cities compare with Steeles Tavern 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 Steeles Tavern Tax Rate
0.19%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steeles Tavern, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24476 | 0.19% | 0.19% | 0.19% | 0.19% | 0.20% |
Source: Ownwell
Property Tax Assessment Values Across Steeles Tavern, Virginia
In Steeles Tavern, 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. In Steeles Tavern, 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 Steeles Tavern helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1359, both found in the 24476 zip code.
Property Tax Assessment Values Across Steeles Tavern, Virginia
Source: Ownwell
$123,300
$411,950
$700,600
Average Steeles Tavern Assessed Value
$700,600
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 Steeles Tavern, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24476 | $674,360 | $684,200 | $700,600 | $717,000 | $726,840 |
Source: Ownwell
Property Tax Bills Across Steeles Tavern, Virginia
In Steeles Tavern, property tax bills are calculated based on the assessed value of a home, which is determined by the Rockbridge County Assessor's Office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $700,600, homeowners can expect their tax bills to vary. The tax bill for the 25th percentile is $1,322, while for the 75th percentile, it is $1,396, and for the 90th percentile, it goes up to $1,418. The highest and lowest median tax bills in the area are both $1,359, reflecting a consistent tax rate across the region. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Steeles Tavern may find their tax rates to be relatively favorable. Understanding these factors helps homeowners budget effectively and anticipate their annual property tax obligations.
Average Steeles Tavern Tax Bill
$1,359
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Steeles Tavern, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24476 | $1,299 | $1,322 | $1,359 | $1,396 | $1,418 |
Source: Ownwell