Hiwassee, Virginia Property Taxes
The median property tax rate in Hiwassee, VA is 0.74%, 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 $110,800 in Hiwassee, the typical annual property tax bill amounts to $808, significantly below the national median of $2,690. Property taxes in Hiwassee are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Hiwassee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hiwassee or another part of Pulaski County, gaining a solid grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hiwassee, 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 Hiwassee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hiwassee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hiwassee 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 Hiwassee, Virginia
Property taxes in Hiwassee, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hiwassee is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Hiwassee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hiwassee 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 Hiwassee's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24347 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Hiwassee 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 Hiwassee 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 Hiwassee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24347 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hiwassee, Virginia
In Hiwassee, 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 assessment office 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. Assessment notices in Hiwassee 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 Hiwassee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $808 in the 24347 zip code, while the lowest median tax bill is also $808 in the same zip code.
Average Hiwassee Assessed Value
$110,800
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 Hiwassee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24347 | $26,100 | $54,500 | $110,800 | $170,125 | $280,530 |
Source: Ownwell
Property Tax Bills Across Hiwassee, Virginia
Property tax bills in Hiwassee, Pulaski County, VA are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. In this region, the median home price is $110,800. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the size, location, and condition of the property. Homeowners in Hiwassee can expect a range of tax bills, with the 25th percentile at $388 and the 75th percentile at $1259. The 90th percentile tax bill can be as high as $2076. The highest and lowest median tax bills in the area are both $808, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential community services such as public schools, infrastructure, and emergency services, directly impacting homeowners' quality of life.
Average Hiwassee Tax Bill
$808
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hiwassee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24347 | $189 | $388 | $808 | $1,259 | $2,076 |
Source: Ownwell