Whitetop, Virginia Property Taxes
The median property tax rate in Whitetop, VA is 0.74%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Whitetop at $90,600, the typical annual property tax bill reaches $711, significantly below the national median of $2,690. Property taxes in Whitetop are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Whitetop'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 Whitetop 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
Whitetop, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$670
Ownwell’s Whitetop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitetop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitetop 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 Whitetop, Virginia
Property taxes in Whitetop, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whitetop is 0.74%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Whitetop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitetop 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 Whitetop's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24292 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Whitetop 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 Whitetop Tax Rate
0.74%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whitetop, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24292 | 0.54% | 0.64% | 0.74% | 0.88% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Whitetop, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Whitetop, Virginia. 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 Whitetop, 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 Whitetop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 24292 has the highest and lowest median tax bill of $711.
Average Whitetop Assessed Value
$90,600
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 Whitetop, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24292 | $28,000 | $50,050 | $90,600 | $159,100 | $271,300 |
Source: Ownwell
Property Tax Bills Across Whitetop, Virginia
In Whitetop, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Whitetop is $90,600. Homeowners' tax bills are influenced by the assessed value and the local tax rate. For instance, the 25th percentile tax bill is $472, while the 75th percentile tax bill reaches $1,075. At the 90th percentile, homeowners can expect to pay around $1,648. These tax bills are crucial for homeowners as they directly impact annual expenses. A higher assessed value or a higher tax rate will result in a larger tax bill. In comparison to the national median property tax rate of 0.99%, Whitetop's property taxes can vary significantly, reflecting the diversity in property values and local tax policies. The highest and lowest median tax bills in the area are both recorded at $711 in the 24292 zip code, indicating a relatively stable tax environment within that locality.
Average Whitetop Tax Bill
$711
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitetop, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24292 | $330 | $472 | $711 | $1,075 | $1,648 |
Source: Ownwell