Laurel Fork, Virginia Property Taxes
The median property tax rate in Laurel Fork, VA is 0.65%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Laurel Fork being $164,900, the typical annual property tax bill amounts to $1,072, significantly less than the national median of $2,690. Property taxes in Laurel Fork are calculated 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. Understanding Laurel Fork'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 Laurel Fork 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
Laurel Fork, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,072
Ownwell’s Laurel Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Fork 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 Laurel Fork, Virginia
Property taxes in Laurel Fork, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel Fork is 0.65%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Laurel Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Fork 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 Laurel Fork's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24352 zip code has both the highest and lowest median property tax rate in the region, standing at 0.65%. Understanding how these cities compare with Laurel Fork 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 Laurel Fork 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 Laurel Fork, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24352 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Fork, Virginia
In Laurel Fork, 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 local assessment authority 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 Laurel Fork, 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 Laurel Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Laurel Fork is $164,900, with tax bills ranging from $421 at the 25th percentile to $2,072 at the 90th percentile. The zip code with the highest and lowest median tax bill is 24352, with a median tax bill of $1,072.
Average Laurel Fork Assessed Value
$164,900
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 Laurel Fork, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24352 | $32,100 | $64,775 | $164,900 | $235,850 | $318,700 |
Source: Ownwell
Property Tax Bills Across Laurel Fork, Virginia
In Laurel Fork, Floyd County, VA, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by local assessors. Homeowners in Laurel Fork can expect their tax bills to vary significantly. For instance, at the 25th percentile, the tax bill is around $421, while at the 75th percentile, it reaches approximately $1,533. The 90th percentile tax bill can go up to $2,072, indicating a wide range in property tax obligations. Several factors influence these tax bills, including property size, location, and improvements made to the property. The highest median tax bill in the area is $1,072, which is relatively moderate compared to the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services, such as schools and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Laurel Fork Tax Bill
$1,072
Average Floyd County Tax Bill
$805
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Fork, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24352 | $209 | $421 | $1,072 | $1,533 | $2,072 |
Source: Ownwell