Head Waters, Virginia Property Taxes
The median property tax rate in Head Waters, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Head Waters at $151,500, the typical annual property tax bill amounts to $727, substantially less than the national median of $2,690. Property taxes in Head Waters are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Head Waters' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Head Waters 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
Head Waters, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$727
Ownwell’s Head Waters Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Head Waters with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Head Waters 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 Head Waters, Virginia
Property taxes in Head Waters, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Head Waters is 0.48%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Head Waters set these rates annually, and they can vary significantly across different neighborhoods. Each year, Head Waters 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 Head Waters' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24442 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Head Waters provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Head Waters Tax Rate
0.48%
Average Highland County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Head Waters, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24442 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Head Waters, Virginia
In Head Waters, 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 Highland 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 Head Waters, 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. In Highland County, the median home price stands at $151,500, with property tax bills ranging from $271 at the 25th percentile to $2,231 at the 90th percentile. The highest and lowest median tax bills in the area are both $727, found in the 24442 zip code. 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 Head Waters helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Head Waters Assessed Value
$151,500
Average Highland County Assessed Value
$166,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Head Waters, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24442 | $26,600 | $56,450 | $151,500 | $272,050 | $464,820 |
Source: Ownwell
Property Tax Bills Across Head Waters, Virginia
In Head Waters, 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 to determine the annual tax bill. For instance, with a median home price of $151,500, homeowners in Head Waters can expect varying tax bills. At the 25th percentile, tax bills are around $271, whereas at the 75th percentile, they rise to approximately $1,306. The highest tax bills, at the 90th percentile, can reach up to $2,231. These tax bills significantly impact homeowners, influencing decisions on homeownership and budgeting. Compared to the national median property tax rate of 0.99%, the property tax rates in Head Waters can be relatively moderate, depending on the home's assessed value. This system ensures that tax obligations are proportionate to property values, aiming for fairness across different economic brackets within the community.
Average Head Waters Tax Bill
$727
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Head Waters, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24442 | $128 | $271 | $727 | $1,306 | $2,231 |
Source: Ownwell