Barren Springs, Virginia Property Taxes
The median property tax rate in Barren Springs, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Barren Springs at $79,300, the typical annual property tax bill is $587, significantly less than the national median of $2,690. Property taxes in Barren Springs 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 Barren Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Barren Springs 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
Barren Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$587
Ownwell’s Barren Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barren Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barren Springs 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 Barren Springs, Virginia
Property taxes in Barren Springs, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Barren Springs is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Barren Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barren Springs 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 Barren Springs' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24313 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Barren Springs provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barren Springs Tax Rate
0.74%
Average Pulaski County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barren Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24313 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Barren Springs, Virginia
In Barren Springs, 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 Pulaski 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 Barren Springs, 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. The median home price in Barren Springs is $79,300, with tax bills ranging from $382 at the 25th percentile to $938 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Barren Springs, Virginia
Source: Ownwell
$76,300
$157,700
$239,100
Average Barren Springs Assessed Value
$79,300
Average Pulaski County Assessed Value
$120,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barren Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24313 | $49,010 | $51,575 | $79,300 | $113,150 | $126,740 |
Source: Ownwell
Property Tax Bills Across Barren Springs, Virginia
In Barren Springs, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a crucial factor, as it reflects the property's market value, which can fluctuate based on the real estate market and any improvements made to the property. Homeowners in Barren Springs, located in Pulaski County, VA, face varying tax bills depending on their property's value and the local tax rate. For example, the median home price in Barren Springs is $79,300. The tax bills can range significantly; the 25th percentile tax bill is $382, while the 75th percentile tax bill reaches $837, and the 90th percentile tax bill can go up to $938. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Barren Springs Tax Bill
$587
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Barren Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24313 | $363 | $382 | $587 | $837 | $938 |
Source: Ownwell