Bluefield, Virginia Property Taxes
The median property tax rate in Bluefield, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bluefield, the typical annual property tax bill reaches $491, well below the national median of $2,690. Property taxes in Bluefield 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 Bluefield'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 Bluefield 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
Bluefield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$491
$456
Ownwell’s Bluefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bluefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bluefield 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 Bluefield, Virginia
Property taxes in Bluefield, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bluefield is 0.58%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bluefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bluefield 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 Bluefield's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24605 has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Bluefield provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bluefield Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bluefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24605 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| 24701 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Bluefield, Virginia
In Bluefield, 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 Tazewell 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 in Bluefield 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. For example, the highest median tax bill in Bluefield is $560 in the 24701 zip code, while the lowest is $491 in the 24605 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bluefield Assessed Value
$84,700
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bluefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24605 | $25,720 | $48,725 | $84,650 | $138,050 | $218,500 |
| 24701 | $63,910 | $84,475 | $96,550 | $109,625 | $131,990 |
Source: Ownwell
Property Tax Bills Across Bluefield, Virginia
In Bluefield, VA, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, with a median home price of $84,700, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $284, while the 75th percentile reaches up to $802, and the 90th percentile can be as high as $1,267. These figures indicate a considerable range, reflecting differences in property values and specific characteristics of each property. Compared to the national median property tax rate of 0.99%, Bluefield's tax rates can be seen as relatively moderate. Homeowners in the highest median tax bill zip code, 24701, pay approximately $560, while those in the lowest, 24605, pay around $491. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Bluefield Tax Bill
$491
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bluefield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24605 | $150 | $283 | $491 | $802 | $1,267 |
| 24701 | $371 | $490 | $560 | $636 | $766 |
Source: Ownwell