Raven, Virginia Property Taxes
The median property tax rate in Raven, 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 Raven at $55,750, the typical annual property tax bill is $325, much less than the national median of $2,690. Property taxes in Raven 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 Raven'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 Raven 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
Raven, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$323
$300
Ownwell’s Raven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raven 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 Raven, Virginia
Property taxes in Raven, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raven 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 Raven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raven 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 Raven's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24639 ZIP code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Raven 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 Raven 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 Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Raven, Virginia
In Raven, 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 Raven, 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 Raven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24639, with a median tax bill of $325.
Average Raven Assessed Value
$55,750
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 Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | $10,500 | $25,575 | $55,750 | $82,050 | $110,980 |
Source: Ownwell
Property Tax Bills Across Raven, Virginia
In Raven, Tazewell County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value typically reflects a percentage of the property's market value. Homeowners in Raven can expect their tax bills to vary significantly, with the 25th percentile paying around $149 and the 75th percentile paying up to $476. At the 90th percentile, tax bills can reach $644, highlighting the range of property values and corresponding taxes in the area. The median home price in Raven is $55,750, and the property tax rate is compared to the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services. Higher property values generally lead to higher tax bills, impacting homeowners' annual expenses. Understanding this calculation helps homeowners anticipate their financial obligations and plan accordingly.
Average Raven Tax Bill
$325
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | $61 | $149 | $325 | $476 | $644 |
Source: Ownwell