Bristol, Virginia Property Taxes
The median property tax rate in Bristol, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bristol at $129,800, the typical annual property tax bill is $743, well below the national median of $2,690. Property taxes in Bristol are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bristol'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 Bristol 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
Bristol, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$779
$723
Ownwell’s Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Virginia
Property taxes in Bristol, VA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bristol is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24201 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Bristol provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
0.60%
Average Washington County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24201 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| 24202 | 0.46% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Virginia
In Bristol, 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 Washington 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 Bristol, 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 Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $743 in zip code 24202, while the lowest median tax bill is $147 in zip code 24201.
Average Bristol Assessed Value
$129,800
Average Washington County Assessed Value
$132,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24201 | $24,100 | $24,250 | $24,500 | $24,750 | $24,900 |
| 24202 | $52,100 | $83,900 | $129,800 | $194,100 | $317,200 |
Source: Ownwell
Property Tax Bills Across Bristol, Virginia
In Bristol, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the market value of the property and then apply an assessment ratio. Homeowners in Bristol typically see a range of tax bills, with the 25th percentile at $466 and the 75th percentile reaching $1,115. For those in the 90th percentile, tax bills can go as high as $1,820. Several factors influence these tax bills, including the property's location within different zip codes. For instance, homes in the 24202 zip code have the highest median tax bill at $743, while those in the 24201 zip code have the lowest at $147. These variations can significantly impact homeowners, making it crucial to understand how local assessments and market values affect their annual property tax obligations. Compared to the national median property tax rate of 0.99%, Bristol's tax rates can offer both advantages and challenges, depending on the specific area and property value.
Average Bristol Tax Bill
$743
Average Washington County Tax Bill
$753
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24201 | $145 | $146 | $147 | $148 | $149 |
| 24202 | $245 | $467 | $743 | $1,115 | $1,820 |
Source: Ownwell