Marion, Virginia Property Taxes
The median property tax rate in Marion, VA is 0.74%, 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 $78,900 in Marion, the typical annual property tax bill amounts to $576, well below the national median of $2,690. Property taxes in Marion are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marion'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 Marion 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
Marion, 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 Marion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Virginia
Property taxes in Marion, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 0.74%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24354 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Marion provides valuable insights into the varying tax landscape across Smyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
0.74%
Average Smyth County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24354 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Virginia
In Marion, 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 Smyth 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 Marion, 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. The median home price in Marion is $78,900, and property tax bills vary significantly. For example, the 25th percentile tax bill is $333, while the 75th percentile tax bill is $858, and the 90th percentile tax bill reaches $1,215. By understanding 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marion Assessed Value
$78,900
Average Smyth County Assessed Value
$72,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24354 | $22,040 | $47,100 | $78,900 | $117,250 | $165,620 |
Source: Ownwell
Property Tax Bills Across Marion, Virginia
In Marion, located in Smyth County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Marion is $78,900, and the property tax rate is applied to this value to determine the tax bill. Factors such as the property's location, size, and condition can influence its assessed value. Homeowners in Marion can expect their tax bills to vary, with the 25th percentile at $333 and the 75th percentile at $858. For those in the 90th percentile, tax bills can reach up to $1,215. The highest median tax bill in the area is $576, which is notably lower than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services, including schools, public safety, and infrastructure, directly impacting the quality of life for Marion residents.
Average Marion Tax Bill
$576
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24354 | $148 | $333 | $576 | $858 | $1,215 |
Source: Ownwell