Jarratt, Virginia Property Taxes
The median property tax rate in Jarratt, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Jarratt being $84,450, the typical annual property tax bill amounts to $402, which is well below the national median of $2,690. Property taxes in Jarratt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jarratt's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Jarratt or another part of Sussex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jarratt, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$405
$376
Ownwell’s Jarratt Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jarratt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jarratt to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, offering clarity and peace of mind. For those curious about neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value, determined by Sussex County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Jarratt, Virginia
Property taxes in Jarratt, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jarratt is 0.48%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Jarratt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jarratt 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 Jarratt's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23867 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Jarratt provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jarratt Tax Rate
0.48%
Average Sussex County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jarratt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23867 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Jarratt, Virginia
In Jarratt, Virginia, understanding the distinction between "market value" and "assessed value" is essential 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 such as location, property condition, and economic trends. This value is estimated by the local assessment authority 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 in Jarratt 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 Jarratt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $402.00 in the zip code 23867.
Average Jarratt Assessed Value
$84,450
Average Sussex County Assessed Value
$103,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jarratt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23867 | $20,100 | $48,300 | $84,450 | $147,025 | $260,600 |
Source: Ownwell
Property Tax Bills Across Jarratt, Virginia
In Jarratt, Sussex County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the estimated market value of the property. Homeowners in Jarratt can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $204, while the 75th percentile reaches up to $699. At the 90th percentile, the tax bill can be as high as $1,206. Compared to the national median property tax rate of 0.99%, Jarratt's property tax rates can influence homeowner affordability. With the median home price at $84,450, the tax burden can be a considerable factor in the overall cost of owning a home. The highest median tax bill in the area is $402, found in the 23867 zip code. These factors collectively impact the financial planning and stability of homeowners in Jarratt, making property tax management an essential aspect of homeownership.
Average Jarratt Tax Bill
$402
Average Sussex County Tax Bill
$480
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Jarratt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23867 | $72 | $204 | $402 | $699 | $1,206 |
Source: Ownwell