Castlewood, Russell County, Virginia Property Taxes
Median Castlewood, 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 Castlewood, VA home value: $74,600
Median annual Castlewood, VA tax bill: $470, $1,930 lower than the national median property tax bill of $2,400.
How are property taxes in Russell County calculated?
Property taxes in Castlewood, 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 Castlewood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Castlewood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Castlewood, Russell County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.63%
Estimate Property Tax Bill
$470
$436
Property Tax Rates Across Castlewood, Russell County, Virginia
Local government entities set tax rates, which can vary widely within a state. 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 Castlewood’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Castlewood, located in Russell County, has a property tax rate that aligns with the county's median rate of 0.63%. This is significantly lower than the national median property tax rate of 1.02%. Residents of Castlewood benefit from a property tax rate that is among the lowest in the state, offering potential savings when compared to the national average. This lower rate can make Castlewood an attractive location for homeowners seeking affordability in property taxes. The savings on property taxes can contribute to a more manageable cost of living, enhancing the appeal of residing in this Virginia community.
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 Castlewood Tax Rate
0.63%
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 Russell County Tax Rate
0.63%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Castlewood, Russell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Castlewood, Russell County, Virginia
When examining property taxes in Castlewood, 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 Russell 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 Russell 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 Castlewood.
For example, the median home price in Castlewood is $74,600, with tax bills ranging significantly across the county. Zip code 24224 has the highest median home price at $74,600.
Property Tax Assessment Values Across Castlewood, Russell County, Virginia
Source: Ownwell
$20,600
$78,800
$137,000
Median Castlewood Market Value
$74,600
Median Russell County Market Value
$78,900
Median Virginia Market Value
$298,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Castlewood, Russell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | $26,000 | $45,700 | $74,600 | $107,750 | $147,520 |
Source: Ownwell
Property Tax Bills Across Castlewood, Russell County, Virginia
Median Castlewood Tax Bill
$470
Median Russell County Tax Bill
$497
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Castlewood, Russell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | $164 | $288 | $470 | $679 | $929 |
Source: Ownwell