Property Taxes in Paint Bank, Virginia
Median Paint Bank, Virginia effective property tax rate: 0.52%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Paint Bank, Virginia home value: $151,600
Median annual Paint Bank, Virginia tax bill: $788, lower than the national median property tax bill of $2,400.
How are property taxes in Craig calculated?
Property taxes in Paint Bank, Virginia 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 April 13, 2026
How Does the Paint Bank Property Tax Calculator Work?
Use this Paint Bank property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Paint Bank's median effective tax rate of 0.52% — based on actual property records in Craig County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment authority uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Paint Bank's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Paint Bank: rates range from 0.52% in 24131 to 0.52% in 24131, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Paint Bank.
About Paint Bank Property Taxes
About Property Taxes in Paint Bank, Craig, Virginia
Paint Bank's median effective property tax rate of 0.52% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Craig County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Paint Bank. Homeowners in the 24131 ZIP code carry a median effective rate of 0.52%, while those in 24131 pay 0.52%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Craig County. Understanding which part of Paint Bank you live in can make a meaningful difference to your annual tax bill.
Paint Bank homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the April 22, 2024 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Paint Bank, Craig County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results 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.
Below, you can compare Paint Bank's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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
1.27%
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, Virginia, 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 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 Craig County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 $151,600, with tax bills ranging significantly across the county. 24131 has the highest median home price at $151,600.
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
$274,101
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
Property tax bills in Paint Bank are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value of the property. That means the bill depends on both what the home is worth and how the county values it for tax purposes. In Craig County, the median home price is $151,600, and the median property tax bill is $788, which is well below the national median property tax bill of $2,400.
Several factors can affect the final amount a homeowner pays, including the property’s assessed value, local tax rates, and any exemptions that may apply. For many homeowners, this means tax bills can vary widely even among homes in the same area. In Paint Bank, tax bills are relatively modest, but they still represent an important annual housing cost that can affect monthly budgets and long-term affordability.
Median Paint Bank Tax Bill
$788
Median Craig County Tax Bill
$748
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
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
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 22 |
Links | |
|---|---|
| Craig Tax Assessor | |
| Website | www.webgis.net |