Hollins, Virginia Property Taxes
The median property tax rate in Hollins, VA is 0.79%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hollins, the typical annual property tax bill reaches $436, significantly below the national median of $2,690. Property taxes in Hollins 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 Hollins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hollins or another part of Botetourt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hollins, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$436
Ownwell’s HOLLINS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLLINS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLLINS 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 Hollins, Virginia
Property taxes in Hollins, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollins is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Hollins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollins 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 Hollins' effective property tax rate to other areas in Virginia and the national median. For comparison, the 24019 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with Hollins provides valuable insights into the varying tax landscape across Botetourt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollins Tax Rate
0.79%
Average Botetourt County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24019 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Hollins, Virginia
In Hollins, 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 Botetourt 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. Assessment notices in Hollins 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. For instance, in the 24019 zip code, the median tax bill is $436. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hollins Assessed Value
$55,150
Average Botetourt County Assessed Value
$201,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24019 | $47,750 | $50,525 | $55,150 | $59,775 | $62,550 |
Source: Ownwell
Property Tax Bills Across Hollins, Virginia
In Hollins, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Hollins, located in Botetourt County, typically see property tax bills that reflect this assessed value, alongside the local tax rate. For instance, with a median home price of $55,150, property tax bills in Hollins range from $399 at the 25th percentile to $494 at the 90th percentile. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The highest and lowest median tax bills in the area are both $436, specifically in the 24019 zip code. Compared to the national median property tax rate of 0.99%, Hollins residents experience relatively moderate property tax bills. These taxes play a crucial role in funding local services, impacting homeowners by contributing to community resources such as schools and public safety.
Average Hollins Tax Bill
$436
Average Botetourt County Tax Bill
$1,521
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24019 | $377 | $399 | $436 | $472 | $494 |
Source: Ownwell