Glen Allen, Virginia Property Taxes
The median property tax rate in Glen Allen, VA is 0.81%, slightly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Glen Allen at $380,900, the typical annual property tax bill reaches $3,118, exceeding the national median of $2,690. Property taxes in Glen Allen are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Glen Allen'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 Allen 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 Allen, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$3,085
Ownwell’s Glen Allen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glen Allen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Allen 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 Allen, Virginia
Property taxes in Glen Allen, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glen Allen is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Glen Allen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Allen 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 Allen's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23059 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Glen Allen provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glen Allen Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Allen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23059 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Glen Allen, Virginia
In Glen Allen, 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 Hanover 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 Glen Allen, 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 Allen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23059 has the highest median tax bill at $3,118, while the lowest median tax bill is also in the 23059 zip code at $3,118.
Average Glen Allen Assessed Value
$380,900
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glen Allen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23059 | $88,720 | $212,600 | $380,900 | $502,000 | $756,200 |
Source: Ownwell
Property Tax Bills Across Glen Allen, Virginia
In Glen Allen, Hanover County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Glen Allen stands at $380,900, and property tax bills can vary significantly within the area. For instance, homeowners at the 25th percentile pay around $1,877, while those at the 75th percentile face bills of approximately $4,111. At the 90th percentile, tax bills can reach up to $6,185. These tax bills are influenced by several factors, including the home's assessed value and the local tax rate. Homeowners in Glen Allen should be aware that their property tax obligations can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better manage their finances and plan for future tax liabilities.
Average Glen Allen Tax Bill
$3,118
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Allen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23059 | $770 | $1,877 | $3,118 | $4,111 | $6,185 |
Source: Ownwell