Ivor, Virginia Property Taxes
The median property tax rate in Ivor, VA is 0.71%, which is considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ivor at $184,150, the typical annual property tax bill reaches $1,307, significantly below the national median of $2,690. Property taxes in Ivor are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ivor'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 Ivor 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
Ivor, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,307
Ownwell’s Ivor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivor 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 Ivor, Virginia
Property taxes in Ivor, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivor is 0.71%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Ivor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivor 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 Ivor's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23866 has both the highest and lowest median property tax rate in the region at 0.71%. Understanding how these cities compare with Ivor provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivor Tax Rate
0.71%
Average Surry County Tax Rate
0.71%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Ivor, Virginia
In Ivor, 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 Surry County Assessor's Office 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 Ivor, 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 Ivor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 23866 has the highest median tax bill at $1,307, while the lowest median tax bill is also $1,307, highlighting a consistent tax environment.
Average Ivor Assessed Value
$184,150
Average Surry County Assessed Value
$193,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | $31,960 | $60,475 | $184,150 | $242,625 | $258,770 |
Source: Ownwell
Property Tax Bills Across Ivor, Virginia
In Ivor, located in Surry County, VA, property tax bills are calculated based on the assessed value of a home. The local government determines this value, which is then multiplied by the property tax rate to arrive at the annual tax bill. Homeowners in Ivor can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the tax bill for homes in the 25th percentile is around $429, while those in the 75th percentile can see bills as high as $1,723. The highest median tax bill recorded in the area is $1,307, which is notably higher than the national median property tax rate of 0.99%. These variations can have a substantial impact on homeowners, influencing their overall financial planning and housing affordability. Understanding how these factors interplay is crucial for homeowners looking to manage their expenses effectively.
Average Ivor Tax Bill
$1,307
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | $227 | $429 | $1,307 | $1,723 | $1,837 |
Source: Ownwell