North Tazewell, Virginia Property Taxes
The median property tax rate in North Tazewell, 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 North Tazewell at $78,550, the typical annual property tax bill is $456, well below the national median of $2,690. Property taxes in North Tazewell 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 North Tazewell'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 North Tazewell 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
North Tazewell, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$456
Ownwell’s North Tazewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Tazewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Tazewell 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 North Tazewell, Virginia
Property taxes in North Tazewell, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Tazewell 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 North Tazewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Tazewell 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 North Tazewell's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24630 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with North Tazewell 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 North Tazewell 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 North Tazewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24630 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across North Tazewell, Virginia
In North Tazewell, 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. In North Tazewell, 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 North Tazewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $456.00 in zip code 24630, which is also the lowest.
Average North Tazewell Assessed Value
$78,550
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 North Tazewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24630 | $19,500 | $48,200 | $78,550 | $119,025 | $180,530 |
Source: Ownwell
Property Tax Bills Across North Tazewell, Virginia
In North Tazewell, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The median home price in this area is $78,550. Homeowners in North Tazewell can expect their tax bills to vary, with the 25th percentile at $280 and the 75th percentile reaching up to $692. Those at the 90th percentile may see tax bills as high as $1,048. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These assessments are crucial for determining the fair share of taxes each homeowner must pay. Compared to the national median property tax rate of 0.99%, North Tazewell’s tax rates reflect the local economic conditions and funding needs for public services. For homeowners, understanding these factors and how they impact their tax obligations can help in financial planning and potentially appealing their assessed values to ensure they are fair and accurate.
Average North Tazewell Tax Bill
$456
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North Tazewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24630 | $113 | $280 | $456 | $692 | $1,048 |
Source: Ownwell