Emory, Virginia Property Taxes
The median property tax rate in Emory, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Emory at $156,200, the typical annual property tax bill amounts to $937, which is well below the national median of $2,690. Property taxes in Emory are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Emory'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 Emory 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
Emory, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$937
Ownwell’s Emory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Emory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emory 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 Emory, Virginia
Property taxes in Emory, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emory is 0.60%, lower than the U.S. national median of 0.99%. Local government entities within Emory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emory 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 Emory's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24327 has both the highest and lowest median property tax rate of 0.60%, aligning with Emory's rate. Understanding how these areas compare with Emory provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Emory Tax Rate
0.60%
Average Washington County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Emory, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24327 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Emory, Virginia
In Emory, 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 Washington 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 Emory, 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 Emory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Washington County, the median home price is $156,200, with the highest and lowest median tax bills both recorded at $937 in the 24327 zip code.
Average Emory Assessed Value
$156,200
Average Washington County Assessed Value
$132,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Emory, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24327 | $85,400 | $121,050 | $156,200 | $197,450 | $232,600 |
Source: Ownwell
Property Tax Bills Across Emory, Virginia
In Emory, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $156,200, the tax bills can vary significantly. At the 25th percentile, homeowners might pay around $704, while those at the 75th percentile could see bills as high as $1,129. The 90th percentile tax bill reaches approximately $1,272. Compared to the national median property tax rate of 0.99%, Emory's property tax bills reflect the local economic conditions and funding needs of Washington County. These taxes are essential for funding public services such as schools, roads, and emergency services, directly impacting homeowners' quality of life. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Emory Tax Bill
$937
Average Washington County Tax Bill
$753
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Emory, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24327 | $544 | $704 | $937 | $1,129 | $1,272 |
Source: Ownwell