Bassett, Patrick County, Virginia Property Taxes

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county estimates its required budget to provide services annually 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.

In Bassett, located in Patrick County, Virginia, the effective property tax rate stands at 0.73%. This rate is notably lower than the national median property tax rate of 1.02%. The median property tax bill in Bassett also contrasts with the national median of $2,400. When comparing Bassett’s property tax rate to other cities within Virginia, it remains consistent with the state’s median tax rate. This consistency provides homeowners in Bassett with a predictable tax environment, which can be beneficial for long-term financial planning. Understanding these rates and how they compare nationally can empower Bassett residents to make informed decisions about their property investments.

In Bassett, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The local tax rate is then applied to this assessed value to calculate the tax bill. For homeowners in Bassett, the median property tax bill is $556, which is significantly lower than the national median of $2,400. This lower tax bill can be attributed to the area's relatively modest median home price of $76,200. However, tax bills can vary widely, with the 25th percentile at $242 and the 90th percentile reaching $1,268.

Factors such as changes in property value and local tax rate adjustments can affect a homeowner's tax bill. Ownwell assists homeowners by reviewing their property assessments to identify potential overvaluations. By filing appeals on behalf of homeowners, Ownwell helps ensure fair tax bills, potentially leading to significant savings. This service can be especially beneficial in regions like Bassett, where even small adjustments can have a notable impact on a homeowner's finances.