Galax, Virginia Property Taxes
The median property tax rate in Galax, VA is 0.59%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $96,050 in Galax, the typical annual property tax bill is approximately $565, much less than the national median of $2,690. Property taxes in Galax are determined based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Galax's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Galax or another part of the city, being well-informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galax, 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 Galax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galax 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 Galax, Virginia
Property taxes in Galax, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galax is 0.59%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Galax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galax 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 Galax's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24333 zip code has the highest median property tax rate of 0.59%, while the 24333 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Galax provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galax Tax Rate
0.59%
Average Carroll County Tax Rate
0.59%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24333 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Galax, Virginia
In Galax, 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 Carroll 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 Galax, 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 Galax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Galax is $96,050, with tax bills ranging from $313 at the 25th percentile to $1,204 at the 90th percentile. The highest and lowest median tax bills are both $565 in zip code 24333.
Average Galax Assessed Value
$96,050
Average Carroll County Assessed Value
$88,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24333 | $20,800 | $53,300 | $96,050 | $144,050 | $204,550 |
Source: Ownwell
Property Tax Bills Across Galax, Virginia
In Galax, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Galax, the median home price is $96,050, and property tax bills can vary significantly. At the 25th percentile, property tax bills are around $313, while at the 75th percentile, they reach approximately $847. The highest median tax bill in the area is $565, and this figure is consistent across the zip code 24333. Several factors influence the overall tax bill, including changes in property values, local tax rates, and any applicable exemptions or deductions. Homeowners in Galax should be aware that even small fluctuations in assessed values or tax rates can significantly impact their annual property tax obligations. Compared to the national median property tax rate of 0.99%, Galax offers a relatively affordable property tax environment, making it an attractive option for homeowners.
Average Galax Tax Bill
$565
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Galax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24333 | $122 | $313 | $565 | $847 | $1,204 |
Source: Ownwell