Pounding Mill, Virginia Property Taxes
The median property tax rate in Pounding Mill, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Pounding Mill, the typical annual property tax bill reaches $675, well below the national median of $2,690. Property taxes in Pounding Mill are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pounding Mill'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 Pounding Mill 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
Pounding Mill, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$675
Ownwell’s Pounding Mill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pounding Mill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pounding Mill 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 Pounding Mill, Virginia
Property taxes in Pounding Mill, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pounding Mill is 0.58%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Pounding Mill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pounding Mill 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 Pounding Mill's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24637 zip code has the highest median property tax rate of 0.58%, while the lowest median tax rate is also 0.58% in the same zip code. Understanding how these cities compare with Pounding Mill provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pounding Mill Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pounding Mill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24637 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Pounding Mill, Virginia
In Pounding Mill, 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 Tazewell 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 Pounding Mill, 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. For example, the median home price in this area is $116,300. Tax bills can range significantly, with the 25th percentile at $485 and the 75th percentile at $876. 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 Pounding Mill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pounding Mill Assessed Value
$116,300
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pounding Mill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24637 | $48,100 | $83,400 | $116,300 | $151,000 | $203,800 |
Source: Ownwell
Property Tax Bills Across Pounding Mill, Virginia
In Pounding Mill, located in Tazewell County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $116,300. Homeowners' tax bills are determined by multiplying the assessed value of their property by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. For example, in Pounding Mill, tax bills can vary significantly. The 25th percentile tax bill is $485, while the 75th percentile reaches $876, and the 90th percentile can go as high as $1,178. These figures illustrate the range of what homeowners might expect to pay. Compared to the national median property tax rate of 0.99%, Pounding Mill's property taxes are relatively moderate. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Pounding Mill Tax Bill
$675
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Pounding Mill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24637 | $279 | $485 | $675 | $876 | $1,178 |
Source: Ownwell