Drakes Branch, Charlotte County, Virginia Property Taxes
Median Drakes Branch, VA effective property tax rate: 0.62%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Drakes Branch, VA home value: $63,360
Median annual Drakes Branch, VA tax bill: $390, $2,010 lower than the national median property tax bill of $2,400.
How are property taxes in Charlotte County calculated?
Property taxes in Drakes Branch, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Drakes Branch’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Drakes Branch, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Drakes Branch, Charlotte County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.62%
Estimate Property Tax Bill
$390
$362
Property Tax Rates Across Drakes Branch, Charlotte County, Virginia
Local government entities determine property tax rates, which can vary significantly within a state. Each year, counties calculate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Drakes Branch, located in Charlotte County, the effective property tax rate stands at 0.62%, which is notably lower than the national median of 1.02%. This lower rate can be appealing to homeowners, as it translates to a more affordable property tax bill compared to the national median property tax bill of $2,400.
Drakes Branch's rate aligns with both the highest and lowest median tax rates in Virginia, indicating consistency within this area. This makes Drakes Branch an attractive option for those seeking to optimize their property tax expenses. By understanding these rates, property owners can make informed decisions regarding their investments and potential savings on property taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Drakes Branch Tax Rate
0.62%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Charlotte County Tax Rate
0.62%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Drakes Branch, Charlotte County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Drakes Branch, Charlotte County, Virginia
When examining property taxes in Drakes Branch, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Charlotte County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Charlotte County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Drakes Branch. For example, the median home price in Drakes Branch is $63,360, with tax bills ranging significantly across the county. Zip code 23937 has the highest median home price at $63,360.
Property Tax Assessment Values Across Drakes Branch, Charlotte County, Virginia
Source: Ownwell
$60,251
$72,677
$85,103
Median Drakes Branch Market Value
$62,980
Median Charlotte County Market Value
$72,045
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Drakes Branch, Charlotte County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | $16,235 | $38,570 | $62,980 | $98,774 | $141,967 |
Source: Ownwell
Property Tax Bills Across Drakes Branch, Charlotte County, Virginia
In Drakes Branch, Charlotte County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. With a median home price of $63,360, homeowners can expect a median property tax bill of $390, which is significantly lower than the national median of $2,400. The tax rate in this area is relatively low, contributing to the modest tax bills. Factors that influence the assessed value include the property's location, size, and condition. This assessment directly impacts the homeowner's tax bill, making it crucial to ensure the property's value is accurately assessed.
Ownwell assists homeowners by identifying potential discrepancies in property assessments and filing appeals to reduce inflated tax bills. By leveraging their expertise, they help ensure that homeowners pay only their fair share, potentially saving them hundreds of dollars. This service is invaluable in a region where even small savings can significantly impact the overall affordability of homeownership.
Median Drakes Branch Tax Bill
$389
Median Charlotte County Tax Bill
$441
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Drakes Branch, Charlotte County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | $100 | $236 | $389 | $604 | $869 |
Source: Ownwell