24536 Property Tax Rate

Property owners in ZIP code 24536 (Coleman Falls, Virginia) pay a median of $1,250/year in property taxes on homes valued at $300,000. This translates to an effective tax rate of 0.42%, which is 38% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24536 is approximately $104, which factors into escrow payments on mortgages. This ZIP code is located within Bedford County. This is $993 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24536 has higher property taxes. ZIP codes with similar effective rates include 22624 (0.42%) and 23843 (0.42%).

In Coleman Falls, property taxes represent approximately 1.1% of the median household income of $114,167, providing context for the relative tax burden on homeowners in this area.

Bedford County's 0.64% local rate is your only property tax in Virginia, which has no state tax or reassessment cap at purchase. Agricultural property owners should file for Land Use Taxation with the Bedford County Assessor to reduce your assessment to use value instead of market value. Disabled and elderly (65+) homeowners should contact the Bedford County Assessor to apply for circuit breaker relief, which can significantly lower your annual property tax if your income qualifies.