Tazewell, Virginia Property Taxes
The median property tax rate in 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 Tazewell at $102,500, the typical annual property tax bill is $594, well below the national median of $2,690. Property taxes in 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 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 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
Tazewell, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$595
Ownwell’s Tazewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tazewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Tazewell, Virginia
Property taxes in 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 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 Tazewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Tazewell's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24651 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these areas compare with 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 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 Tazewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24651 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Tazewell, Virginia
In 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 local 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 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 Tazewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24651 has the highest median tax bill at $594, while the lowest median tax bill is also in the same zip code at $594.
Average Tazewell Assessed Value
$102,500
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 Tazewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24651 | $42,060 | $67,500 | $102,500 | $158,750 | $238,900 |
Source: Ownwell
Property Tax Bills Across Tazewell, Virginia
In Tazewell, VA, property tax bills are calculated based on the assessed value of your home. The local tax assessor determines this value, which is then used to calculate your tax bill. For instance, with a median home price of $102,500, homeowners can expect varying tax bills depending on their property's assessed value and applicable tax rates. The 25th percentile tax bill stands at $392, while the 75th percentile reaches $921, and the 90th percentile goes up to $1384. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting your tax bill. Compared to the national median property tax rate of 0.99%, Tazewell's tax rates can offer some relief to homeowners. However, understanding these factors is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively. The highest and lowest median tax bills in Tazewell are both $594, indicating a relatively stable tax environment within the area.
Average Tazewell Tax Bill
$594
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Tazewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24651 | $244 | $392 | $594 | $921 | $1,384 |
Source: Ownwell