Hot Springs, Virginia Property Taxes
The median property tax rate in Hot Springs, VA is 0.73%, noticeably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hot Springs at $117,000, the typical annual property tax bill amounts to $854, which is significantly below the national median of $2,690. Property taxes in Hot 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 Hot 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 Hot 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
Hot Springs, 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 HOT SPRINGS Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in HOT SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOT SPRINGS to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Hot Springs, Virginia
Property taxes in Hot Springs, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot 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 Hot Springs' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24445 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Hot Springs provides valuable insights into the varying tax landscape across Alleghany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Tax Rate
0.73%
Average Alleghany County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Virginia
In Hot 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 Alleghany 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 Hot 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. 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 Hot Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $117,000, with median tax bills ranging from $550 at the 25th percentile to $2,832 at the 90th percentile. The zip code 24445 has the highest and lowest median tax bill of $854.
Average Hot Springs Assessed Value
$117,000
Average Alleghany County Assessed Value
$87,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | $50,940 | $75,400 | $117,000 | $206,700 | $387,940 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Virginia
In Hot Springs, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is often a percentage of the market value, reflecting the property's worth in the real estate market. Homeowners in Hot Springs typically see a range of tax bills, with the 25th percentile at $550 and the 75th percentile at $1,509. For those at the 90th percentile, the tax bill can go up to $2,832. These tax bills are influenced by several factors, including the property's location within Alleghany County, the home’s assessed value, and the local tax rate. The median tax bill in the area stands at $854, which can be compared to the national median property tax rate of 0.99%. This system ensures that homeowners contribute a fair share to local services and infrastructure, impacting their annual financial planning and the overall cost of homeownership in Hot Springs.
Average Hot Springs Tax Bill
$854
Average Alleghany County Tax Bill
$636
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | $372 | $550 | $854 | $1,509 | $2,832 |
Source: Ownwell