Spout Spring, Virginia Property Taxes
The median property tax rate in Spout Spring, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Spout Spring at $134,700, the typical annual property tax bill amounts to $831, which is well below the national median of $2,690. Property taxes in Spout Spring are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Spout Spring's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Spout Spring or another part of Appomattox County, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spout Spring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$849
Ownwell’s Spout Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spout Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spout Spring 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 Spout Spring, Virginia
Property taxes in Spout Spring, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spout Spring is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Spout Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spout Spring 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 Spout Spring's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24593 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Spout Spring provides valuable insights into the varying tax landscape across Appomattox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spout Spring Tax Rate
0.63%
Average Appomattox County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spout Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24593 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Spout Spring, Virginia
In Spout Spring, 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 Appomattox 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 Spout Spring, 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. For instance, the median home price in Spout Spring is $134,700, with tax bills ranging from $492 at the 25th percentile to $1,368 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 in Spout Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spout Spring Assessed Value
$134,700
Average Appomattox County Assessed Value
$118,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spout Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24593 | $39,480 | $79,650 | $134,700 | $182,325 | $217,410 |
Source: Ownwell
Property Tax Bills Across Spout Spring, Virginia
In Spout Spring, Appomattox County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $134,700. The tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $492, while those in the 75th percentile might see bills as high as $1,146. The 90th percentile tax bill can reach up to $1,368. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in Spout Spring may find their property taxes affecting their annual budgeting, especially when compared to the national median property tax rate of 0.99%. In this region, the median tax bill stands at $831, which is notably lower than many other areas. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Spout Spring Tax Bill
$831
Average Appomattox County Tax Bill
$735
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Spout Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24593 | $229 | $492 | $831 | $1,146 | $1,368 |
Source: Ownwell