Bristol, Virginia Property Taxes
The median property tax rate in Bristol, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bristol at $114,600, the typical annual property tax bill is $885, falling below the national median of $2,690. Property taxes in Bristol are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Bristol'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 Bristol 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
Bristol, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$882
$819
Ownwell’s Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Virginia
Property taxes in Bristol, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bristol is 0.77%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24202 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Bristol provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
0.77%
Average Scott County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24202 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Virginia
In Bristol, 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 Bristol, 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 Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24202, with a bill of $888.00, while the lowest median tax bill also falls in the same zip code at $888.00.
Average Bristol Assessed Value
$114,600
Average Scott County Assessed Value
$95,050
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24202 | $35,460 | $71,400 | $114,700 | $160,900 | $223,600 |
Source: Ownwell
Property Tax Bills Across Bristol, Virginia
Property tax bills in Bristol, VA, are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Bristol, the median home price is $114,600. The tax bills can vary significantly, with the 25th percentile at $546 and the 75th percentile reaching $1,265. At the 90th percentile, homeowners might see tax bills as high as $1,718. Several factors influence these tax bills, including property size, location, and any improvements made to the home. The assessed value often reflects these aspects, thereby impacting the final tax amount. Compared to the national median property tax rate of 0.99%, Bristol's property tax rates can be seen as moderate. For homeowners, understanding how these factors contribute to their tax bill is crucial for financial planning and property investment decisions.
Average Bristol Tax Bill
$885
Average Scott County Tax Bill
$739
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24202 | $272 | $569 | $888 | $1,279 | $1,726 |
Source: Ownwell