24224 Property Tax Rate

Property owners in ZIP code 24224 (Castlewood, Virginia) pay a median of $699/year in property taxes on homes valued at $112,800. This translates to an effective tax rate of 0.62%, which is 8% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24224 is approximately $58, which factors into escrow payments on mortgages. This ZIP code is located within Russell County. This is $1,544 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24224 has lower property taxes. ZIP codes with similar effective rates include 24058 (0.62%) and 22401 (0.62%).

In Castlewood, property taxes represent approximately 1.5% of the median household income of $47,967, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Russell County conducts all assessments locally without triggering reassessment at purchase. Russell County provides circuit breaker tax relief for seniors 65+ and disabled homeowners with income below the county threshold, and preferential Land Use Taxation for farm property. Apply for relief programs with the Russell County Assessor's office within 30 days to lock in any available exemptions.