Bowling Green, Virginia Property Taxes
The median property tax rate in Bowling Green, VA is 0.73%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bowling Green at $62,430, the typical annual property tax bill is $456, significantly below the national median of $2,690. Property taxes in Bowling Green 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 Bowling Green'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 Bowling Green 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
Bowling Green, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$456
Ownwell’s Bowling Green Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bowling Green with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowling Green 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 Bowling Green, Virginia
Property taxes in Bowling Green, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowling Green is 0.73%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Bowling Green set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowling Green 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 Bowling Green's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22427 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Bowling Green provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowling Green Tax Rate
0.73%
Average Essex County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowling Green, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22427 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Bowling Green, Virginia
In Bowling Green, 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 Essex 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 Bowling Green, 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 Bowling Green helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $456.00 in the zip code 22427.
Average Bowling Green Assessed Value
$62,430
Average Essex County Assessed Value
$164,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowling Green, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22427 | $34,246 | $44,815 | $62,430 | $80,045 | $90,614 |
Source: Ownwell
Property Tax Bills Across Bowling Green, Virginia
In Bowling Green, VA, property tax bills are determined based on the assessed value of a home. The median home price in Bowling Green is $62,430. To calculate the property tax bill, local tax rates are applied to the assessed value of the property. For instance, if a home is assessed at the median value, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill of around $327, while those in the 75th percentile might see bills as high as $584. At the 90th percentile, tax bills can reach up to $661. These variations are influenced by factors such as property improvements, market conditions, and local government budgets. In comparison to the national median property tax rate of 0.99%, Bowling Green's property tax rates offer a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Bowling Green Tax Bill
$456
Average Essex County Tax Bill
$1,202
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowling Green, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22427 | $250 | $327 | $456 | $584 | $661 |
Source: Ownwell