Raven, Virginia Property Taxes
The median property tax rate in Raven, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $43,400 in Raven, the typical annual property tax bill is $273, well below the national median of $2,690. Property taxes in Raven are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Raven'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 Raven or another part of Russell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raven, 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 Raven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raven 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 Raven, Virginia
Property taxes in Raven, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raven is 0.63%, lower than the U.S. national median of 0.99%. Local government entities within Raven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raven 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 Raven's effective property tax rate to other areas in Russell County and the national median. For comparison, the 24639 ZIP code has the highest median property tax rate of 0.63%, while the same ZIP code also has the lowest median tax rate of 0.63%. Understanding how these rates compare with Raven 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 Raven 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 Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Raven, Virginia
In Raven, 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 Raven, 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 Raven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24639 has the highest and lowest median tax bill, both at $273.
Average Raven Assessed Value
$43,400
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 Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | $23,000 | $32,150 | $43,400 | $64,350 | $90,400 |
Source: Ownwell
Property Tax Bills Across Raven, Virginia
In Raven, VA, property tax bills are calculated based on the assessed value of a home. The local government determines this value, which is then used to compute the property tax owed by homeowners. The median home price in Raven is $43,400, which serves as a baseline for these calculations. Factors influencing the assessed value include the property's location, size, and condition, as well as market trends. Homeowners in Raven typically see a range of tax bills. At the 25th percentile, the tax bill is approximately $203, while at the 75th percentile, it rises to around $405. For those in the 90th percentile, the tax bill can reach up to $570. These variations highlight how different factors, such as property improvements or neighborhood developments, impact the final tax amount. Compared to the national median property tax rate of 0.99%, Raven's tax bills are relatively modest, offering some financial relief to homeowners. This system ensures that property taxes are proportionate to the value and condition of each home, promoting fairness and equity.
Average Raven Tax Bill
$273
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | $145 | $203 | $273 | $405 | $570 |
Source: Ownwell