Floyd County Property Taxes
The median property tax rate in Floyd County is 0.65%, which is notably lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $126,500, the typical annual property tax bill in Floyd County amounts to $805, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the actual market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Floyd County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you reside in Floyd or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floyd County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$822
Ownwell’s Floyd County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Floyd County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Floyd County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Floyd County, Virginia
Property taxes in Floyd County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Floyd County is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Floyd County set these rates annually, and they can vary significantly between different areas within the county. Each year, Floyd County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Floyd County's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Bent Mountain has one of the higher property tax rates in Virginia at 0.65%, while the city of Bent Mountain also boasts one of the lowest at 0.65%. Analyzing how Floyd County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Floyd County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyd County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bent Mountain | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Check | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Copper Hill | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Fairlawn | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Floyd | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Indian Valley | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Laurel Fork | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Meadows Of Dan | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Pilot | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Radford | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Riner | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Shawsville | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Willis | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Floyd County, Virginia
In Floyd County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Floyd County Appraisal District. The assessed value, however, 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 Floyd County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Laurel Fork has the highest median tax bill at $1,072, while Shawsville has the lowest at $461. Being aware of these valuation processes in Floyd County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Floyd County Assessed Value
$126,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyd County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bent Mountain | $47,600 | $79,250 | $106,600 | $189,100 | $239,820 |
| Check | $37,340 | $78,150 | $128,100 | $188,600 | $262,300 |
| Copper Hill | $30,470 | $80,125 | $126,800 | $187,150 | $259,510 |
| Fairlawn | $94,200 | $94,200 | $94,200 | $94,200 | $94,200 |
| Floyd | $39,840 | $86,300 | $139,100 | $205,300 | $277,640 |
| Indian Valley | $63,480 | $97,900 | $123,500 | $164,800 | $242,000 |
| Laurel Fork | $32,100 | $64,775 | $164,900 | $235,850 | $318,700 |
| Meadows Of Dan | $35,400 | $73,700 | $120,400 | $171,100 | $241,300 |
| Pilot | $33,840 | $90,000 | $130,000 | $196,200 | $280,060 |
| Radford | $27,280 | $52,575 | $96,750 | $144,500 | $216,700 |
| Riner | $42,890 | $99,250 | $148,400 | $220,600 | $299,310 |
| Shawsville | $61,930 | $65,275 | $70,850 | $76,425 | $79,770 |
| Willis | $27,980 | $64,900 | $113,100 | $169,150 | $232,880 |
Source: Ownwell
Property Tax Bills Across Floyd County, Virginia
In Floyd County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or modifications made to the property. Homeowners in Floyd County can expect varying tax bills depending on these factors. For example, the median home price is $126,500, and tax bills range significantly. At the 25th percentile, homeowners pay around $455, while those at the 75th percentile see bills of approximately $1228. The highest tax bills in the county can reach up to $1705 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and assessed values can significantly impact what homeowners owe. In Floyd County, the highest median tax bill is found in Laurel Fork at $1072, whereas Shawsville has the lowest at $461.
Average Floyd County Tax Bill
$805
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyd County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bent Mountain | $309 | $515 | $693 | $1,229 | $1,559 |
| Check | $213 | $478 | $798 | $1,215 | $1,689 |
| Copper Hill | $179 | $484 | $811 | $1,209 | $1,686 |
| Fairlawn | $612 | $612 | $612 | $612 | $612 |
| Floyd | $214 | $523 | $878 | $1,325 | $1,788 |
| Indian Valley | $413 | $636 | $803 | $1,034 | $1,573 |
| Laurel Fork | $209 | $421 | $1,072 | $1,533 | $2,072 |
| Meadows Of Dan | $192 | $474 | $775 | $1,098 | $1,493 |
| Pilot | $213 | $577 | $841 | $1,238 | $1,817 |
| Radford | $177 | $342 | $629 | $935 | $1,409 |
| Riner | $231 | $615 | $949 | $1,420 | $1,944 |
| Shawsville | $403 | $424 | $461 | $497 | $519 |
| Willis | $174 | $408 | $723 | $1,089 | $1,510 |
Source: Ownwell