Pound, Virginia Property Taxes
The median property tax rate in Pound, VA is 0.69%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $69,000 in Pound, the typical annual property tax bill amounts to $452, which is well below the national median of $2,690. Property taxes in Pound 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 Pound'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 Pound 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
Pound, 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 Pound Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pound with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pound 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 Pound, Virginia
Property taxes in Pound, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pound is 0.69%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Pound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pound 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 Pound's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24279 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Pound provides valuable insights into the varying tax landscape across Wise County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pound Tax Rate
0.69%
Average Wise County Tax Rate
0.69%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pound, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24279 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Pound, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pound, Virginia. 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 Wise 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 Pound, 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 Pound helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 24279, with a median tax bill of $452.
Average Pound Assessed Value
$69,000
Average Wise County Assessed Value
$75,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pound, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24279 | $31,000 | $48,400 | $69,000 | $101,325 | $142,470 |
Source: Ownwell
Property Tax Bills Across Pound, Virginia
In Pound, located in Wise County, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Pound is $69,000, and homeowners can expect their property tax bills to vary depending on several factors. The 25th percentile tax bill is $303, while the 75th percentile tax bill is $678, with the 90th percentile reaching up to $965. The highest and lowest median tax bills in the area both stand at $452, specifically in the 24279 zip code. Pound's property tax rate is determined by local government and is applied to the assessed value of the property, not its market value. This means that even if the market value fluctuates, the tax bill is based on the assessed value set by the county. Homeowners in Pound, therefore, experience property tax bills that are generally lower than the national median property tax rate of 0.99%, making it relatively affordable to own property in this region.
Average Pound Tax Bill
$452
Average Wise County Tax Bill
$501
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Pound, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24279 | $170 | $303 | $452 | $678 | $965 |
Source: Ownwell