Reliance, Virginia Property Taxes
The median property tax rate in Reliance, VA is 0.49%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $256,700 in Reliance, the typical annual property tax bill is $1,258, which is well below the national median of $2,690. Property taxes in Reliance are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Reliance's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Reliance or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reliance, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,258
$1,167
Ownwell’s Reliance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reliance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reliance 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 Reliance, Virginia
Property taxes in Reliance, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reliance is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within Reliance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reliance 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 Reliance's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22649 zip code has the same median property tax rate of 0.49%. Understanding how these areas compare with Reliance provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reliance Tax Rate
0.49%
Average Warren County Tax Rate
0.49%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reliance, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22649 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Reliance, Virginia
In Reliance, 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 Warren 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 Reliance, 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 Reliance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 22649, amounting to $1,258, while the same zip code also reports the lowest median tax bill of $1,258, highlighting a consistent tax landscape in the area.
Average Reliance Assessed Value
$256,700
Average Warren County Assessed Value
$306,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reliance, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22649 | $187,400 | $217,650 | $256,700 | $320,300 | $346,980 |
Source: Ownwell
Property Tax Bills Across Reliance, Virginia
In Reliance, located in Warren County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's size, location, and market conditions play a significant role in the assessed value. For example, with a median home price of $256,700, homeowners in Reliance can expect their property tax bills to vary. The 25th percentile tax bill is around $1,066, while the 75th percentile reaches up to $1,569. At the 90th percentile, the tax bill can be as high as $1,700. These figures illustrate the range homeowners might encounter based on their property's assessed value. Comparatively, the highest and lowest median tax bills in the area are both $1,258, which is above the national median property tax rate of 0.99%. This means that homeowners in Reliance may pay slightly more in property taxes compared to the national average, impacting their overall housing costs.
Average Reliance Tax Bill
$1,258
Average Warren County Tax Bill
$1,507
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Reliance, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22649 | $918 | $1,066 | $1,258 | $1,569 | $1,700 |
Source: Ownwell