Henry, Virginia Property Taxes
The median property tax rate in Henry, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Henry, the typical annual property tax bill amounts to $369, which is well below the national median of $2,690. Property taxes in Henry are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Henry'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 Henry or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henry, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Henry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henry 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 Henry, Virginia
Property taxes in Henry, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henry is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Henry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henry 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 Henry's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24102 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Henry provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henry Tax Rate
0.56%
Average Henry County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henry, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24102 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Henry, Virginia
In Henry, 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 local 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 Henry, 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. For instance, the median home price in Henry is $66,400, with tax bills ranging from $188 at the 25th percentile to $823 at the 90th percentile. 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 Henry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Henry Assessed Value
$66,400
Average Henry County Assessed Value
$71,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henry, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24102 | $11,920 | $33,900 | $66,400 | $104,700 | $152,260 |
Source: Ownwell
Property Tax Bills Across Henry, Virginia
In Henry, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $66,400, the tax bills can vary significantly across different percentiles. Homeowners in the 25th percentile might see a tax bill of around $188, while those in the 75th percentile could face a tax bill of approximately $581. The 90th percentile tax bill can go up to $823, indicating a wide range of tax liabilities within the city. Several factors influence these variations, including property size, location, and any applicable exemptions. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Henry’s property tax rates present a unique landscape for homeowners, impacting their annual financial planning and overall cost of homeownership.
Average Henry Tax Bill
$369
Average Henry County Tax Bill
$396
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Henry, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24102 | $66 | $188 | $369 | $581 | $823 |
Source: Ownwell