Troutville, Virginia Property Taxes
The median property tax rate in Troutville, VA is 0.79%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Troutville at $210,900, the typical annual property tax bill amounts to $1,618, falling below the national median of $2,690. Property taxes in Troutville are calculated based on the tax assessed value, which generally is less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Troutville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Troutville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troutville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,666
Ownwell’s Troutville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troutville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troutville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Troutville, Virginia
Property taxes in Troutville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troutville is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Troutville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troutville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Troutville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24175 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Troutville provides valuable insights into the varying tax landscape across Botetourt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troutville Tax Rate
0.79%
Average Botetourt County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troutville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24175 | 0.77% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Troutville, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Troutville, Virginia. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Botetourt County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Troutville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Troutville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both recorded at $1,618 in zip code 24175.
Average Troutville Assessed Value
$210,900
Average Botetourt County Assessed Value
$201,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troutville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24175 | $97,420 | $149,650 | $210,900 | $292,200 | $394,540 |
Source: Ownwell
Property Tax Bills Across Troutville, Virginia
In Troutville, Botetourt County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $210,900, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the assessed value, including market trends, property size, location, and any improvements made to the property. Once the assessed value is established, the local tax rate is applied. In Troutville, the tax bill for the 25th percentile is $1,099, while the 75th percentile sees bills around $2,228, and the 90th percentile reaches up to $3,006. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ultimately affecting the overall quality of life in the community.
Average Troutville Tax Bill
$1,618
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Troutville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24175 | $618 | $1,099 | $1,618 | $2,228 | $3,006 |
Source: Ownwell