Green Bay, Virginia Property Taxes
The median property tax rate in Green Bay, VA is 0.38%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $92,400 in Green Bay, the typical annual property tax bill amounts to $351, which is well below the national median of $2,690. Property taxes in Green Bay are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Green Bay'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 Green Bay or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Green Bay, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$351
Ownwell’s Green Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Bay 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 Green Bay, Virginia
Property taxes in Green Bay, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Bay is 0.38%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Green Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Bay 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 Green Bay's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia can be found in zip code 51111, with a rate of 1.25%, while the lowest median tax rate is in zip code 51112, at 0.25%. Understanding how these cities compare with Green Bay provides valuable insights into the varying tax landscape across Lunenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Green Bay Tax Rate
0.38%
Average Lunenburg County Tax Rate
0.38%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Bay, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Green Bay, Virginia
In Green Bay, 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 Lunenburg 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 Green Bay, 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 example, the median home price here is $92,400, with annual tax bills ranging from $199 at the 25th percentile to $1,009 at the 90th percentile. The highest and lowest median tax bills are both $351, found in zip code 23942. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Green Bay Assessed Value
$92,400
Average Lunenburg County Assessed Value
$83,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Green Bay, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | $19,400 | $50,700 | $92,400 | $180,400 | $263,240 |
Source: Ownwell
Property Tax Bills Across Green Bay, Virginia
In Green Bay, 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 tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. For homeowners in Green Bay, the median home price is $92,400. Property tax bills can vary significantly, with the 25th percentile paying around $199 annually, while those in the 75th percentile pay approximately $688. At the higher end, the 90th percentile sees tax bills reaching $1,009. Comparatively, the national median property tax rate is 0.99%, making Green Bay's property taxes relatively moderate. This variation in tax bills can impact homeowners' financial planning, influencing decisions on home improvements, sales, and long-term residency. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Green Bay Tax Bill
$351
Average Lunenburg County Tax Bill
$320
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Bay, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | $75 | $199 | $351 | $688 | $1,009 |
Source: Ownwell