Fancy Gap, Virginia Property Taxes
The median property tax rate in Fancy Gap, VA is 0.73%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $134,550 in Fancy Gap, the typical annual property tax bill amounts to $982, significantly below the national median of $2,690. Property taxes in Fancy Gap are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Fancy Gap'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 Fancy Gap or another part of Patrick County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fancy Gap, 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 Fancy Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fancy Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fancy 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 Fancy Gap, Virginia
Property taxes in Fancy Gap, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fancy Gap is 0.73%, which is below the U.S. national median of 0.99%. Local government entities within Fancy Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fancy 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 Fancy Gap's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24328 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Fancy Gap provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fancy Gap Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fancy Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24328 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Fancy Gap, Virginia
In Fancy 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 Patrick 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. 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 Fancy Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $982.00, found in zip code 24328.
Average Fancy Gap Assessed Value
$134,550
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fancy Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24328 | $98,510 | $115,400 | $134,550 | $171,375 | $229,120 |
Source: Ownwell
Property Tax Bills Across Fancy Gap, Virginia
In Fancy Gap, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $134,550, homeowners can expect their tax bills to vary significantly depending on their property's specific assessment. The tax bill at the 25th percentile is around $842, while at the 75th percentile, it rises to approximately $1,251. For those at the 90th percentile, tax bills can reach up to $1,673. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Fancy Gap's property tax rates may seem more manageable, providing some relief to homeowners. Understanding these elements helps homeowners anticipate their annual tax obligations, enabling better financial planning and property management.
Average Fancy Gap Tax Bill
$982
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fancy Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24328 | $719 | $842 | $982 | $1,251 | $1,673 |
Source: Ownwell