Patrick Springs, Virginia Property Taxes
The median property tax rate in Patrick Springs, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Patrick Springs at $50,200, the typical annual property tax bill amounts to $279, well below the national median of $2,690. Property taxes in Patrick Springs are determined based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. By gaining a thorough understanding of Patrick Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're situated in the heart of Patrick Springs or another part of Henry County, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Patrick Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$281
Ownwell’s Patrick Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patrick Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patrick Springs 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 Patrick Springs, Virginia
Property taxes in Patrick Springs, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patrick Springs is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Patrick Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patrick Springs 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 Patrick Springs' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24133 has both the highest and lowest median property tax rate in the region at 0.56%. Understanding how these areas compare with Patrick Springs provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patrick Springs Tax Rate
0.56%
Average Henry County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patrick Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24133 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Patrick Springs, Virginia
In Patrick Springs, 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 Henry 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 Patrick Springs, 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 Patrick Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Patrick Springs is 24133, with a median tax bill of $279.
Average Patrick Springs Assessed Value
$50,200
Average Henry County Assessed Value
$71,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patrick Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24133 | $12,230 | $14,675 | $50,200 | $67,350 | $106,090 |
Source: Ownwell
Property Tax Bills Across Patrick Springs, Virginia
In Patrick Springs, VA, property tax bills are calculated based on the assessed value of a homeowner's property. The local tax rate is applied to this assessed value to determine the annual tax bill. The assessed value is determined by the local assessor's office and reflects the market value of the property. Factors such as property size, location, and improvements can influence this assessed value. For homeowners in Patrick Springs, the median home price is $50,200. Property tax bills in the area vary significantly, with the 25th percentile at $81 and the 75th percentile at $374. The 90th percentile tax bill can reach up to $589. Compared to the national median property tax rate of 0.99%, Patrick Springs offers relatively affordable property tax rates. However, even within the city, there are variations, as the highest and lowest median tax bill recorded in the area is $279, both occurring in the zip code 24133. This variation can impact homeowners differently, depending on their specific property characteristics and assessed values.
Average Patrick Springs Tax Bill
$279
Average Henry County Tax Bill
$396
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Patrick Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24133 | $68 | $81 | $279 | $374 | $589 |
Source: Ownwell