Shawsville, Virginia Property Taxes
The median property tax rate in Shawsville, VA, is 0.65%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Shawsville at $70,850, the typical annual property tax bill is $461, significantly below the national median of $2,690. Property taxes in Shawsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shawsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Shawsville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shawsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$461
Ownwell’s Shawsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shawsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shawsville 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 Shawsville, Virginia
Property taxes in Shawsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shawsville is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Shawsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shawsville 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 Shawsville's effective property tax rate to other areas in Floyd County and the national median. For comparison, the highest and lowest median property tax rates in Floyd County are both 0.65%, found in the zip code 24162. Understanding how these areas compare with Shawsville provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shawsville Tax Rate
0.65%
Average Floyd County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shawsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24162 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Shawsville, Virginia
In Shawsville, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Floyd County Assessor 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 Shawsville, 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. The zip code with the highest and lowest median tax bill in Shawsville is 24162, with a median tax bill of $461. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shawsville Assessed Value
$70,850
Average Floyd County Assessed Value
$126,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shawsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24162 | $61,930 | $65,275 | $70,850 | $76,425 | $79,770 |
Source: Ownwell
Property Tax Bills Across Shawsville, Virginia
In Shawsville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Shawsville is $70,850. Homeowners in Shawsville can expect property tax bills to vary depending on the assessed value of their property and the applicable tax rate set by the county. For example, tax bills in the 25th percentile are around $424, while those in the 75th percentile are approximately $497. At the higher end, the 90th percentile tax bill reaches about $519. These property tax rates are relatively modest compared to the national median property tax rate of 0.99%. For homeowners, this means that while property taxes are a necessary expense, they are not as burdensome as in some other regions. The property tax bill directly impacts homeowners by contributing to local services such as schools, public safety, and infrastructure, which in turn can influence property values and community well-being.
Average Shawsville Tax Bill
$461
Average Floyd County Tax Bill
$805
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Shawsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24162 | $403 | $424 | $461 | $497 | $519 |
Source: Ownwell