Property Taxes in Castlewood, Virginia
Median Castlewood, Virginia effective property tax rate: 0.63%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Castlewood, Virginia home value: $74,850
Median annual Castlewood, Virginia tax bill: $472, lower than the national median property tax bill of $2,400.
How are property taxes in Russell calculated?
Property taxes in Castlewood, 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 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 April 13, 2026
How Does the Castlewood Property Tax Calculator Work?
Use this Castlewood property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Castlewood's median effective tax rate of 0.63% — based on actual property records in Russell County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Castlewood'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 Castlewood: rates range from 0.63% in 24224 to 0.63% in 24224, 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 Castlewood.
About Castlewood Property Taxes
About Property Taxes in Castlewood, Russell, Virginia
Castlewood’s median effective property tax rate of 0.63% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Russell 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 Castlewood. Homeowners in ZIP code 24224 carry a median effective rate of 0.63%, while those in 24224 pay 0.63%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Russell County. Understanding which part of Castlewood you live in can make a meaningful difference to your annual tax bill.
Castlewood homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the June 1, 2026 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 Castlewood, Russell 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 Castlewood'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 Ă· 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 Ă· 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
0.90%
Median Effective United States Tax Rate
1.27%
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, 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. Russell 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 are sent in the spring each year and typically reach your mailbox by the middle of the month. 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.
For example, the median home price in Castlewood is $74,850, with a median tax bill of $472. That is well below the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. Tax bills range across the county, and ZIP code 24224 has the highest median home price at $74,850.
Property Tax Assessment Values Across Castlewood, Russell County, Virginia
Source: Ownwell
$20,600
$78,750
$136,900
Median Castlewood Market Value
$74,850
Median Russell County Market Value
$78,950
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Castlewood, Russell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | $25,950 | $45,775 | $74,850 | $107,800 | $147,450 |
Source: Ownwell
Property Tax Bills Across Castlewood, Russell County, Virginia
Castlewood property tax bills are calculated using the assessed value of a home and the local tax rate set for Russell County. The assessed value is based on the market value of the property, so homes with higher market values generally face higher tax bills. Local taxing authorities use this value to determine how much each homeowner owes each year.
For Castlewood homeowners, the median home price is $74,850, and the median property tax bill is $472. That figure is well below the national median property tax bill of $2,400 and far below the national median property tax rate of 1.02%. Tax bills can still vary widely, though, with the 25th percentile at $288 and the 75th percentile at $679. The 90th percentile reaches $929, showing how a higher assessed value can increase the amount due. These bills directly affect monthly housing costs and can influence affordability for homeowners in Castlewood.
Median Castlewood Tax Bill
$472
Median Russell County Tax Bill
$497
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Castlewood, Russell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24224 | $163 | $288 | $472 | $679 | $929 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | February 14 |
Links | |
|---|---|
| Russell Tax Assessor | |
| Website | www.russellcountyva.us |