Big Stone Gap, Virginia Property Taxes
The median property tax rate in Big Stone Gap, VA is 0.62%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Big Stone Gap at $56,250, the typical annual property tax bill amounts to $348, well below the national median of $2,690. Property taxes in Big Stone Gap 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 Big Stone Gap'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 Big Stone Gap 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
Big Stone Gap, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$349
Ownwell’s Big Stone Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Stone Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Stone Gap 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 Big Stone Gap, Virginia
Property taxes in Big Stone Gap, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Stone Gap is 0.62%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Big Stone Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Stone Gap 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 Big Stone Gap's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24219 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Big Stone Gap provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Stone Gap Tax Rate
0.62%
Average Lee County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Stone Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24219 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Big Stone Gap, Virginia
In Big Stone Gap, 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 Big Stone Gap, 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 Big Stone Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $348 in the 24219 zip code, while the lowest is also $348 in the same zip code.
Average Big Stone Gap Assessed Value
$56,250
Average Lee County Assessed Value
$50,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Stone Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24219 | $10,940 | $31,000 | $56,250 | $87,925 | $123,950 |
Source: Ownwell
Property Tax Bills Across Big Stone Gap, Virginia
In Big Stone Gap, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor, who evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $56,250, homeowners in Big Stone Gap can expect to pay property taxes that vary significantly. The 25th percentile tax bill is $192, while the 75th percentile tax bill reaches $544, and the 90th percentile tax bill is $767. This range indicates that property taxes can have a noticeable impact on household budgets, particularly for homes assessed at higher values. Compared to the national median property tax rate of 0.99%, Big Stone Gap's rates reflect the local economic conditions and funding needs for public services. Homeowners should be aware of these factors as they influence the overall cost of owning property in the area.
Average Big Stone Gap Tax Bill
$348
Average Lee County Tax Bill
$316
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Stone Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24219 | $68 | $192 | $348 | $544 | $767 |
Source: Ownwell