Atkins, Virginia Property Taxes
The median property tax rate in Atkins, VA is 0.74%, 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 $69,700 in Atkins, the typical annual property tax bill is around $512, significantly below the national median of $2,690. Property taxes in Atkins are based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Atkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Atkins 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
Atkins, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$516
Ownwell’s Atkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atkins 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 Atkins, Virginia
Property taxes in Atkins, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atkins is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Atkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atkins 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 Atkins' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24311 in Smyth County has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Atkins provides valuable insights into the varying tax landscape across Smyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atkins Tax Rate
0.74%
Average Smyth County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atkins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24311 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Atkins, Virginia
In Atkins, 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 Smyth 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 Atkins, 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 Atkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24311, with a median tax bill of $512.
Average Atkins Assessed Value
$69,700
Average Smyth County Assessed Value
$72,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atkins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24311 | $17,970 | $41,875 | $69,700 | $104,425 | $139,060 |
Source: Ownwell
Property Tax Bills Across Atkins, Virginia
Property tax bills in Atkins, Smyth County, VA, are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, with a median home price of $69,700, homeowners can expect varying tax bills depending on the specific valuation and tax rate applied. Factors influencing the tax bill include property size, location, and any applicable exemptions or deductions. In Atkins, the 25th percentile tax bill is around $301, while the 75th percentile reaches $764, and the 90th percentile can go up to $1,013. The highest and lowest median tax bills in the zip code 24311 are both $512, reflecting a relatively consistent tax rate across properties. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it essential for homeowners to understand how their tax bills are determined and to plan accordingly.
Average Atkins Tax Bill
$512
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Atkins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24311 | $118 | $301 | $512 | $764 | $1,013 |
Source: Ownwell