Paint Bank, Craig County, Virginia Property Taxes
Median Paint Bank, 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 Paint Bank, VA home value: $93,200. Median annual Paint Bank, VA tax bill: $587, $1,813 lower than the national median property tax bill of $2,400.
How are property taxes in Craig calculated?
Property taxes in Paint Bank, 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 Paint Bank’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Paint Bank, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Paint Bank, Craig County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.52%
Estimate Property Tax Bill
$788
$732
Property Tax Rates Across Paint Bank, Craig County, Virginia
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Paint Bank, located in Craig County, Virginia, has an effective property tax rate that reflects the county's budgetary needs and property values. With a median tax rate of 0.63%, Paint Bank's rate is notably lower than the national median property tax rate of 1.02%. This can translate to significant savings for property owners in the area compared to the national average.
Virginia's overall property tax rates tend to be lower than the national average, making it an appealing state for property owners looking to minimize their tax burden. By understanding these local tax rates, property owners in Paint Bank can better navigate their financial planning and potentially explore opportunities for appeals or exemptions to further reduce their property tax liabilities.
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 Paint Bank Tax Rate
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 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 Paint Bank, Craig County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24131 | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Paint Bank, Craig County, Virginia
When examining property taxes in Paint Bank, 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 March. 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 Paint Bank. For example, the median home price in Paint Bank is $93,200, with tax bills ranging significantly across the county. 24131 has the highest median home price at $93,200.
Property Tax Assessment Values Across Paint Bank, Craig County, Virginia
Source: Ownwell
$141,600
$156,500
$171,400
Median Paint Bank Market Value
$151,600
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 Paint Bank, Craig County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24131 | $43,800 | $80,900 | $151,600 | $245,700 | $315,100 |
Source: Ownwell
Property Tax Bills Across Paint Bank, Craig County, Virginia
In Paint Bank, located in Craig County, VA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. With a median home price of $93,200, homeowners in Paint Bank experience a median tax bill of $587, significantly lower than the national median of $2,400. This disparity highlights the relatively affordable property tax environment in this region. The tax bill can vary, with the 25th percentile at $337 and the 75th percentile reaching $930, indicating a range of tax liabilities based on property values and assessments.
For homeowners, these taxes contribute to local services like schools and infrastructure, but they can also represent a significant financial burden. Ownwell offers a solution by helping homeowners appeal their property tax assessments. By leveraging expert knowledge of local tax codes and market conditions, Ownwell can identify potential savings and guide homeowners through the appeal process, potentially reducing their tax bills. This service ensures that homeowners only pay their fair share, providing peace of mind and financial relief.
Median Paint Bank Tax Bill
$788
Median Craig County Tax Bill
$748
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Paint Bank, Craig County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24131 | $228 | $421 | $788 | $1,278 | $1,639 |
Source: Ownwell