Greenwood, Virginia Property Taxes
The median property tax rate in Greenwood, VA is 0.85%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Greenwood, the typical annual property tax bill reaches $3,357, surpassing the national median of $2,690. Property taxes in Greenwood 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 Greenwood'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 Greenwood 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
Greenwood, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$3,449
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Virginia
Property taxes in Greenwood, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 0.85%, which is below the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22943 in Albemarle County has a median property tax rate of 0.85%, the same as Greenwood. Understanding how these areas compare with Greenwood provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22943 | 0.46% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Greenwood, 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 Albemarle 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. 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Greenwood is $405,750, with tax bills ranging from $2,060 at the 25th percentile to $11,695 at the 90th percentile. The zip code 22943 has the highest and lowest median tax bill, both at $3,357.
Average Greenwood Assessed Value
$405,750
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22943 | $142,980 | $253,250 | $405,750 | $762,025 | $1,360,500 |
Source: Ownwell
Property Tax Bills Across Greenwood, Virginia
In Greenwood, Albemarle County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For context, the median home price in Greenwood is $405,750. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Greenwood can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is around $2,060, while at the 75th percentile, it can reach $5,713. Those at the 90th percentile might see tax bills as high as $11,695. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Greenwood's tax rates reflect the community's commitment to maintaining high-quality public services, impacting homeowners' overall financial planning.
Average Greenwood Tax Bill
$3,357
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22943 | $1,072 | $2,060 | $3,357 | $5,713 | $11,695 |
Source: Ownwell