Elberon, Virginia Property Taxes
The median property tax rate in Elberon, VA is 0.71%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Elberon being $201,000, the typical annual property tax bill reaches $1,427, which is significantly lower than the national median of $2,690. Property taxes in Elberon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elberon'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 Elberon 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
Elberon, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,427
$1,324
Ownwell’s Elberon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elberon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elberon 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 Elberon, Virginia
Property taxes in Elberon, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elberon is 0.71%, which is below the U.S. national median of 0.99%. Local government entities within Elberon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elberon 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 Elberon's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23846 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these areas compare with Elberon provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elberon Tax Rate
0.71%
Average Surry County Tax Rate
0.71%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elberon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23846 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Elberon, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elberon, Virginia. 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 Surry 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 Elberon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elberon are both recorded at $1427 in the 23846 zip code.
Average Elberon Assessed Value
$201,000
Average Surry County Assessed Value
$193,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elberon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23846 | $65,300 | $135,300 | $201,000 | $305,600 | $372,700 |
Source: Ownwell
Property Tax Bills Across Elberon, Virginia
In Elberon, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Elberon, the median home price is $201,000. The property tax rate in the area is competitive compared to the national median property tax rate of 0.99%. The amount homeowners pay can vary significantly. For instance, the 25th percentile of tax bills is $961, while the 75th percentile reaches $2,170. At the 90th percentile, tax bills can go up to $2,646. These variations reflect differences in property values and specific assessments within the city. The highest and lowest median tax bill in the area is $1,427, which is consistent across the zip code 23846 in Surry County. Understanding these factors helps homeowners anticipate their annual financial obligations and plan their budgets accordingly.
Average Elberon Tax Bill
$1,427
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Elberon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23846 | $464 | $961 | $1,427 | $2,170 | $2,646 |
Source: Ownwell