Belspring, Virginia Property Taxes
The median property tax rate in Belspring, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Belspring, the typical annual property tax bill is $756, significantly below the national median of $2,690. Property taxes in Belspring are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Belspring'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 Belspring or another part of Pulaski County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belspring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$756
Ownwell’s Belspring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belspring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belspring 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 Belspring, Virginia
Property taxes in Belspring, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belspring is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Belspring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belspring 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 Belspring's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24058 has both the highest and lowest median property tax rate of 0.74%, reflecting a uniform rate within this region. Understanding how these areas compare with Belspring provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belspring Tax Rate
0.74%
Average Pulaski County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belspring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24058 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Belspring, Virginia
In Belspring, 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 Pulaski 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 Belspring, 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. The median home price in Belspring is $102,100, with tax bills ranging from $463 at the 25th percentile to $1,353 at the 90th percentile. The zip code 24058 has both the highest and lowest median tax bill of $756. Being aware of these valuation processes in Belspring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belspring Assessed Value
$102,100
Average Pulaski County Assessed Value
$120,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belspring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24058 | $34,520 | $62,600 | $102,100 | $145,000 | $182,840 |
Source: Ownwell
Property Tax Bills Across Belspring, Virginia
In Belspring, Pulaski County, VA, property tax bills are calculated based on the assessed value of a home, determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Belspring, the median home price is $102,100. Property tax bills can vary significantly; for instance, the tax bill at the 25th percentile is $463, while at the 75th percentile, it is $1,072. The highest median tax bill in the area is $756, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, condition, and any improvements made. These property taxes play a crucial role in funding local services such as schools, infrastructure, and public safety, directly affecting homeowners. Understanding how these taxes are calculated and their impact can help homeowners better manage their financial planning and property investments.
Average Belspring Tax Bill
$756
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Belspring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24058 | $241 | $463 | $756 | $1,072 | $1,353 |
Source: Ownwell