Floyd, Virginia Property Taxes
The median property tax rate in Floyd, VA is 0.73%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Floyd at $92,850, the typical annual property tax bill amounts to $678, well below the national median of $2,690. Property taxes in Floyd are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Floyd'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 Floyd 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
Floyd, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$678
Ownwell’s Floyd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floyd 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 Floyd, Virginia
Property taxes in Floyd, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floyd is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Floyd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floyd 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 Floyd's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24091 within Floyd has a median property tax rate of 0.73%, consistent across the area. Understanding how these values compare with other regions 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 Floyd 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 Floyd, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24091 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Floyd, Virginia
In Floyd, 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 Floyd, 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 Floyd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 24091, with a median tax bill of $678.
Average Floyd Assessed Value
$92,850
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 Floyd, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24091 | $49,820 | $64,175 | $92,850 | $189,850 | $249,240 |
Source: Ownwell
Property Tax Bills Across Floyd, Virginia
In Floyd, located in Patrick County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property's market value. In Floyd, the median home price stands at $92,850. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $468 and the 75th percentile reaching $1,386. For those in the 90th percentile, tax bills can go up to $1,819. The tax rate applied to the assessed value determines the final tax bill, which can fluctuate based on local government budgets and funding needs. Compared to the national median property tax rate of 0.99%, Floyd’s property taxes can be relatively moderate, but they still represent a significant expense for homeowners. These taxes fund essential community services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Floyd.
Average Floyd Tax Bill
$678
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyd, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24091 | $364 | $468 | $678 | $1,386 | $1,819 |
Source: Ownwell