Elk Creek, Virginia Property Taxes
The median property tax rate in Elk Creek, VA, is 0.68%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $143,600 in Elk Creek, the typical annual property tax bill amounts to $984, significantly below the national median of $2,690. Property taxes in Elk Creek are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Elk Creek'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 Elk Creek or another part of Grayson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Creek, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$976
Ownwell’s Elk Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Creek 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 Elk Creek, Virginia
Property taxes in Elk Creek, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Creek is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Elk Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Creek 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 Elk Creek's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24326 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Elk Creek provides valuable insights into the varying tax landscape across Grayson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Creek Tax Rate
0.68%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24326 | 0.57% | 0.62% | 0.68% | 0.77% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Elk Creek, Virginia
In Elk Creek, 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 Grayson 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 Elk Creek, 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 Elk Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $984.00, found in the zip code 24326.
Average Elk Creek Assessed Value
$143,600
Average Grayson County Assessed Value
$108,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24326 | $46,940 | $84,400 | $143,600 | $232,500 | $372,180 |
Source: Ownwell
Property Tax Bills Across Elk Creek, Virginia
In Elk Creek, located in Grayson County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value represents the county's estimate of a property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, if a home is assessed at the median home price of $143,600, the resulting tax bill can vary significantly. Homeowners in the 25th percentile pay around $655, while those in the 75th percentile see bills around $1,465. At the high end, the 90th percentile tax bill reaches $2,219. These tax bills can impact homeowners' budgets, influencing decisions about property investments and home improvements. Compared to the national median property tax rate of 0.99%, the rates in Elk Creek reflect local economic conditions and funding needs for public services. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Elk Creek Tax Bill
$984
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24326 | $449 | $655 | $984 | $1,465 | $2,219 |
Source: Ownwell