Castlewood, Virginia Property Taxes
The median property tax rate in Castlewood, VA is 0.63%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Castlewood at $74,600, the typical annual property tax bill is $470, well below the national median of $2,690. Property taxes in Castlewood are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Castlewood'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 Castlewood or another part of Russell County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Castlewood, 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 Castlewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castlewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castlewood 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 Castlewood, Virginia
Property taxes in Castlewood, Virginia, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Castlewood is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Castlewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castlewood 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 Castlewood's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24224 has the highest median property tax rate of 0.63%, while it also holds the lowest median tax rate of 0.63%. Understanding how these cities compare with Castlewood provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castlewood Tax Rate
0.63%
Average Russell County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castlewood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Castlewood, Virginia
In Castlewood, 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 Russell 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 Castlewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24224 has the highest and lowest median tax bill of $470.
Average Castlewood Assessed Value
$74,600
Average Russell County Assessed Value
$78,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castlewood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | $26,000 | $45,700 | $74,600 | $107,750 | $147,520 |
Source: Ownwell
Property Tax Bills Across Castlewood, Virginia
In Castlewood, VA, the property tax bill is calculated based on the assessed value of the home, which is determined by the local tax assessor. The median home price in Castlewood is $74,600. Property taxes are then applied to this assessed value using the local tax rate, which varies within the county. Homeowners in Castlewood can expect their tax bills to fall within a range, with the 25th percentile tax bill at $288 and the 75th percentile at $679. For those at the higher end, the 90th percentile tax bill reaches $929. Several factors influence the assessed value, including the home's size, age, location, and any improvements made. These factors together determine the final tax bill, impacting homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Castlewood's rates can be relatively moderate, making it an appealing location for homeowners looking for manageable property tax obligations. The highest and lowest median tax bills in the area are both recorded at $470 in the 24224 zip code.
Average Castlewood Tax Bill
$470
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Castlewood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | $164 | $288 | $470 | $679 | $929 |
Source: Ownwell