Crockett, Virginia Property Taxes
The median property tax rate in Crockett, VA is 0.51%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Crockett, the typical annual property tax bill amounts to $677, which is well below the national median of $2,690. Property taxes in Crockett are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Crockett'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 Crockett or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crockett, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$724
Ownwell’s Crockett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crockett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crockett 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 Crockett, Virginia
Property taxes in Crockett, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crockett is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Crockett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crockett 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 Crockett's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24323 has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these areas compare with Crockett provides valuable insights into the varying tax landscape across Wythe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crockett Tax Rate
0.51%
Average Wythe County Tax Rate
0.51%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crockett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24323 | 0.29% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Crockett, Virginia
In Crockett, 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 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 Crockett, 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 Crockett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Crockett is $677.00, and the lowest is also $677.00, both found in zip code 24323.
Average Crockett Assessed Value
$142,000
Average Wythe County Assessed Value
$139,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crockett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24323 | $47,880 | $82,100 | $142,000 | $227,850 | $359,080 |
Source: Ownwell
Property Tax Bills Across Crockett, Virginia
Property tax bills in Crockett, VA, are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Crockett is $142,000, which serves as a baseline for calculating property taxes. The tax rate is applied to the assessed value, leading to varying tax bills across different properties. For instance, homeowners at the 25th percentile pay around $379, while those at the 75th percentile pay approximately $1,025. At the 90th percentile, tax bills can reach up to $1,371. Several factors influence these tax bills, including property size, location, and any exemptions that may apply. For example, properties in the zip code 24323 have a median tax bill of $677, reflecting localized differences in assessed values and tax rates. Compared to the national median property tax rate of 0.99%, Crockett’s tax rates can significantly impact homeowners, making it essential to understand how local assessments and rates affect individual tax obligations.
Average Crockett Tax Bill
$677
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Crockett, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24323 | $233 | $379 | $677 | $1,025 | $1,371 |
Source: Ownwell