Ferrum, Virginia Property Taxes
The median property tax rate in Ferrum, VA is 0.73%, 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 $54,700 in Ferrum, the typical annual property tax bill is $399, significantly below the national median of $2,690. Property taxes in Ferrum are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Ferrum'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 Ferrum 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
Ferrum, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$399
Ownwell’s Ferrum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ferrum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ferrum 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 Ferrum, Virginia
Property taxes in Ferrum, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ferrum is 0.73%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Ferrum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ferrum 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 Ferrum's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24088 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Ferrum provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ferrum Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ferrum, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24088 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Ferrum, Virginia
In Ferrum, 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 Patrick 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 Ferrum, 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 Ferrum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Ferrum is $399 in the 24088 zip code, which is also the lowest median tax bill in the area.
Average Ferrum Assessed Value
$54,700
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ferrum, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24088 | $11,210 | $20,050 | $54,700 | $117,800 | $182,570 |
Source: Ownwell
Property Tax Bills Across Ferrum, Virginia
Property tax bills in Ferrum, Patrick County, VA, are calculated based on the assessed value of a property and the local tax rate. The median home price in Ferrum is $54,700. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, homeowners in the 25th percentile of tax bills pay around $146 annually, while those in the 75th percentile face a tax bill of approximately $860. At the higher end, the 90th percentile sees tax bills reaching up to $1,333. These property tax bills significantly impact homeowners, influencing their monthly budgets and overall financial planning. The highest median tax bill recorded in the area is $399, indicating a relatively moderate tax burden compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are not caught off guard by unexpected expenses.
Average Ferrum Tax Bill
$399
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ferrum, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24088 | $82 | $146 | $399 | $860 | $1,333 |
Source: Ownwell