Bent Mountain, Virginia Property Taxes
The median property tax rate in Bent Mountain, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $106,600 in Bent Mountain, the typical annual property tax bill is $693, well below the national median of $2,690. Property taxes in Bent Mountain are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Bent Mountain'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 Bent Mountain or another part of Floyd County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bent Mountain, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$693
Ownwell’s Bent Mountain Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bent Mountain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bent Mountain to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. 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 Bent Mountain, Virginia
Property taxes in Bent Mountain, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bent Mountain is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Bent Mountain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bent Mountain 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 Bent Mountain's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24059 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Bent Mountain provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bent Mountain Tax Rate
0.65%
Average Floyd County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bent Mountain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24059 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Bent Mountain, Virginia
In Bent Mountain, 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 Floyd County Assessor 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 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 Bent Mountain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bent Mountain is $106,600, with tax bills ranging from $515 at the 25th percentile to $1,559 at the 90th percentile. The highest and lowest median tax bills both stand at $693 in the 24059 zip code.
Average Bent Mountain Assessed Value
$106,600
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 Bent Mountain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24059 | $47,600 | $79,250 | $106,600 | $189,100 | $239,820 |
Source: Ownwell
Property Tax Bills Across Bent Mountain, Virginia
Property tax bills in Bent Mountain, located in Floyd County, VA, are calculated based on the assessed value of the property and the local tax rate. The median home price in Bent Mountain stands at $106,600. Homeowners can expect their tax bills to vary; for instance, those in the 25th percentile pay around $515, while those in the 75th percentile see bills close to $1,229. At the 90th percentile, tax bills can reach up to $1,559. The local tax rate is applied to the assessed value of the property, which is determined by the county assessor. This assessed value can fluctuate based on market conditions, property improvements, and other factors. Compared to the national median property tax rate of 0.99%, Bent Mountain offers relatively affordable property taxes. For homeowners, understanding these factors is crucial as they directly influence annual financial obligations and can impact decisions related to property investments and budget planning.
Average Bent Mountain Tax Bill
$693
Average Floyd County Tax Bill
$805
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bent Mountain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24059 | $309 | $515 | $693 | $1,229 | $1,559 |
Source: Ownwell