Locust Grove, Virginia Property Taxes
The median property tax rate in Locust Grove, VA is 0.76%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $258,900 in Locust Grove, the typical annual property tax bill amounts to $1,966, falling below the national median of $2,690. Property taxes in Locust Grove 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 Locust Grove'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 Locust Grove or another part of Orange County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Locust Grove, 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 Locust Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Grove 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 Locust Grove, Virginia
Property taxes in Locust Grove, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Grove is 0.76%, which is below the U.S. national median of 0.99%. Local government entities within Locust Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust Grove 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 Locust Grove's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22508 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Locust Grove provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Grove Tax Rate
0.76%
Average Orange County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22508 | 0.75% | 0.75% | 0.76% | 0.77% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Locust Grove, Virginia
In Locust Grove, 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 Orange 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 Locust Grove, 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 Locust Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Locust Grove are both $1,966, found in the zip code 22508.
Average Locust Grove Assessed Value
$258,900
Average Orange County Assessed Value
$231,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22508 | $138,860 | $194,000 | $258,900 | $323,100 | $469,260 |
Source: Ownwell
Property Tax Bills Across Locust Grove, Virginia
In Locust Grove, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, the median home price in Locust Grove is $258,900. The property tax rate in Orange County helps determine the final tax bill, which can vary significantly. Homeowners in the 25th percentile pay around $1,471, while those in the 75th percentile face bills closer to $2,473. At the 90th percentile, tax bills can reach up to $3,669. These figures indicate a range within which most homeowners' tax bills fall, reflecting differences in property values and assessments. Compared to the national median property tax rate of 0.99%, Locust Grove's tax bills highlight the importance of understanding local property tax dynamics. Homeowners need to be aware of these factors as they directly impact annual financial obligations and budget planning.
Average Locust Grove Tax Bill
$1,966
Average Orange County Tax Bill
$1,781
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22508 | $1,036 | $1,471 | $1,966 | $2,473 | $3,669 |
Source: Ownwell