Covington, Craig County, Virginia Property Taxes

Name: Property Tax Bills Across Covington, Craig County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Covington, VA effective property tax rate: 0.63%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Covington, VA home value: $170,550
Median annual Covington, VA tax bill: $1,074, $1,326 lower than the national median property tax bill of $2,400.

How are property taxes in Craig County calculated?

Property taxes in Covington, 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 Covington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Covington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Covington, Craig County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.52%

Estimate Property Tax Bill

$870

$807

Ownwell’s Covington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, our calculator applies Covington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Craig County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Covington, Craig County, Virginia

Local government entities are responsible for setting property tax rates, which can fluctuate significantly within a state. This variability arises because each county assesses its budgetary needs annually to fund public services and divides this by the total assessed value of all taxable property within its area. This calculation determines the property tax rate. Although the process involves legal frameworks and public voting, this is the fundamental method used each year.

In Covington, located in Craig County, Virginia, the effective property tax rate stands at 0.63%. This is notably lower than the national median property tax rate of 1.02%, offering residents a more favorable tax environment compared to many other parts of the country. When compared to other cities in Virginia, Covington's rate also reflects a more economical option for homeowners. This lower tax rate can be an attractive factor for potential property buyers and current homeowners looking to manage their expenses effectively. By understanding these nuances in property tax rates, residents can make informed decisions about their investments and financial planning.

Property Tax Rates Across Covington, Craig County, Virginia

Source: Ownwell

0.52%

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 Covington Tax Rate

0.52%

Median Effective Craig County Tax Rate

0.52%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Covington, Craig County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24426	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Covington, Craig County, Virginia

When examining property taxes in Covington, 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 Craig 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.

In Craig County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Covington.

For example, the median home price in Covington is $170,550, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Covington, Craig County, Virginia

Source: Ownwell

$141,600

$156,500

$171,400

Median Covington Market Value

$167,300

Median Craig County Market Value

$143,750

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Covington, Craig County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24426	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Covington, Craig County, Virginia

In Covington, VA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Covington is $170,550. While the national median property tax rate is 1.02%, the tax bill in Covington varies significantly. Homeowners in the 25th percentile pay around $846, whereas those in the 75th percentile see bills closer to $1,303, and the 90th percentile can reach $1,441. These figures illustrate the variability in tax obligations, influenced by factors like property size, location, and improvements. This variability can significantly impact homeowners, especially those on fixed incomes or with limited financial flexibility. Ownwell offers valuable assistance by analyzing your property's assessed value and ensuring it's accurate. They can identify potential exemptions and appeal discrepancies, helping you reduce your tax burden. By leveraging expert knowledge and local insights, Ownwell empowers homeowners to navigate the complexities of property taxes and potentially save hundreds on their tax bills.

Property Tax Bills Across Covington, Craig County, Virginia

Source: Ownwell

$736

$814

$891

Median Covington Tax Bill

$870

Median Craig County Tax Bill

$748

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Covington, Craig County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24426	N/A	N/A	N/A	N/A	N/A

Source: Ownwell