Galax, Virginia Property Taxes
The median property tax rate in Galax, VA is 0.75%, 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 $101,550 in Galax, the typical annual property tax bill is around $756, significantly below the national median of $2,690. Property taxes in Galax are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Galax'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 Galax 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
Galax, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Galax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galax 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 Galax, Virginia
Property taxes in Galax, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galax is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Galax set these rates annually, and they can vary across different neighborhoods. Each year, Galax 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 Galax's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24333 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Galax 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 Galax Tax Rate
0.75%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24333 | 0.60% | 0.66% | 0.75% | 0.88% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Galax, Virginia
In Galax, 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 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 Galax, 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. For instance, the median home price in Galax is $101,550, with the 25th percentile tax bill at $547 and the 75th percentile at $1,097. The highest and lowest median tax bills are both $756 in the 24333 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galax Assessed Value
$101,550
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 Galax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24333 | $33,770 | $62,825 | $101,550 | $162,800 | $265,850 |
Source: Ownwell
Property Tax Bills Across Galax, Virginia
In Galax, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, Galax has a median home price of $101,550. Homeowners in the 25th percentile can expect a tax bill around $547, while those in the 75th percentile may see bills closer to $1,097. At the higher end, the 90th percentile tax bill can reach up to $1,658. These property tax bills are influenced by various factors, including the home's market value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Galax's property tax rates reflect the local economic conditions and municipal budget requirements. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual housing costs and overall financial planning.
Average Galax Tax Bill
$756
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Galax, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24333 | $381 | $547 | $756 | $1,097 | $1,658 |
Source: Ownwell