Honaker, Virginia Property Taxes
The median property tax rate in Honaker, VA is 0.63%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Honaker at $67,900, the typical annual property tax bill amounts to $428, significantly below the national median of $2,690. Property taxes in Honaker are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Honaker'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 Honaker or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Honaker, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$428
Ownwell’s Honaker Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Honaker with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Honaker 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 Honaker, Virginia
Property taxes in Honaker, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Honaker is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Honaker set these rates annually, and they can vary significantly across different neighborhoods. Each year, Honaker 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 Honaker's effective property tax rate to other regions in Virginia and the national median. For comparison, the 24260 zip code, which encompasses Honaker, has a median property tax rate of 0.63%. Understanding how Honaker compares with other regions 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 Honaker 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 Honaker, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24260 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Honaker, Virginia
In Honaker, 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. In Honaker, 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 Honaker helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24260 in Honaker has the same median tax bill of $428, highlighting the consistency in property tax assessments within the area.
Average Honaker Assessed Value
$67,900
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 Honaker, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24260 | $25,740 | $42,200 | $67,900 | $102,700 | $141,360 |
Source: Ownwell
Property Tax Bills Across Honaker, Virginia
In Honaker, property tax bills are calculated based on the assessed value of a property, which is determined by the Russell County tax assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Honaker can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $266 and the 75th percentile at $647. For those in the 90th percentile, the tax bill can reach up to $891. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Honaker is $67,900, significantly lower than the national median, which impacts the overall tax burden on homeowners. Despite the relatively low home prices, the property tax rate in Honaker can still be a considerable expense for homeowners, affecting their annual budgeting and financial planning. Understanding how these elements interact is crucial for managing property taxes effectively.
Average Honaker Tax Bill
$428
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Honaker, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24260 | $162 | $266 | $428 | $647 | $891 |
Source: Ownwell