Glen Lyn, Virginia Property Taxes
The median property tax rate in Glen Lyn, VA is 0.68%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Glen Lyn, the typical annual property tax bill is $509, well below the national median of $2,690. Property taxes in Glen Lyn are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Glen Lyn'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 Glen Lyn 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
Glen Lyn, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$511
Ownwell’s Glen Lyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glen Lyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Lyn 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 Glen Lyn, Virginia
Property taxes in Glen Lyn, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Glen Lyn is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Glen Lyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Lyn 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 Glen Lyn's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24093 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Glen Lyn provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glen Lyn Tax Rate
0.68%
Average Giles County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Lyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24093 | 0.67% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Glen Lyn, Virginia
In Glen Lyn, 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 Giles 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 Glen Lyn, 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 Glen Lyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24093, with a median bill of $509, which is relatively low compared to the national median property tax rate of 0.99%.
Average Glen Lyn Assessed Value
$75,100
Average Giles County Assessed Value
$99,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glen Lyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24093 | $25,500 | $43,300 | $75,100 | $115,500 | $142,600 |
Source: Ownwell
Property Tax Bills Across Glen Lyn, Virginia
In Glen Lyn, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate. For homeowners in Glen Lyn, the median home price stands at $75,100. This relatively affordable housing market results in property tax bills that vary significantly. Homeowners at the 25th percentile can expect a tax bill of around $274, while those at the 75th percentile may see bills as high as $783. The top 10% of homeowners face tax bills nearing $982. Compared to the national median property tax rate of 0.99%, Glen Lyn offers a more favorable tax environment. These tax bills are crucial for homeowners as they directly impact their annual housing costs. Lower tax bills can make homeownership more affordable, allowing residents to allocate more of their budget towards other expenses or savings. Understanding how these factors interplay can help homeowners better manage their financial planning.
Average Glen Lyn Tax Bill
$509
Average Giles County Tax Bill
$654
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Lyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24093 | $172 | $274 | $509 | $783 | $982 |
Source: Ownwell