Alleghany County Property Taxes
The median property tax rate in Alleghany County is 0.73%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Alleghany County, the typical annual property tax bill amounts to $636, far below the national median of $2,690. Property taxes in Alleghany County are calculated based on the tax assessed value, which is generally lower than the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Alleghany County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Covington or another part of Alleghany County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alleghany County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$636
$590
Ownwell’s Alleghany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Alleghany with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Alleghany to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Alleghany County, Virginia
Property taxes in Alleghany County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Alleghany County is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Alleghany County set these rates annually, and they can vary significantly between different areas within the county. Each year, Alleghany County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Alleghany County's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Clifton Forge has one of the higher property tax rates in Virginia at 0.73%, while the city of Clifton Forge boasts one of the lowest at 0.73%. Analyzing how Alleghany County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Alleghany County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alleghany County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clifton Forge | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Covington | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Hot Springs | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Iron Gate | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Low Moor | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Selma | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Alleghany County, Virginia
In Alleghany County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Alleghany County Appraisal District. The assessed value, however, 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 in Alleghany County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Hot Springs has the highest median tax bill at $854, while Low Moor has the lowest at $345. Being aware of these valuation processes in Alleghany County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Alleghany County, Virginia
Source: Ownwell
$47,300
$82,150
$117,000
Average Alleghany County Assessed Value
$87,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alleghany County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clifton Forge | $26,600 | $43,900 | $69,800 | $107,550 | $150,000 |
| Covington | $45,250 | $72,000 | $105,000 | $153,400 | $216,950 |
| Hot Springs | $50,940 | $75,400 | $117,000 | $206,700 | $387,940 |
| Iron Gate | $25,000 | $37,825 | $52,000 | $66,700 | $96,740 |
| Low Moor | $4,000 | $15,600 | $47,300 | $65,925 | $95,800 |
| Selma | $27,080 | $39,550 | $55,400 | $74,050 | $102,180 |
Source: Ownwell
Property Tax Bills Across Alleghany County, Virginia
In Alleghany County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local government and reflects the market value of the property. Homeowners in this county experience varying tax bills, influenced by factors such as property size, location, and market conditions. For instance, the median home price in Alleghany County is $87,150. Tax bills can range significantly, with the 25th percentile at $402 and the 75th percentile reaching $975. At the 90th percentile, homeowners might see tax bills as high as $1,424. In comparison to the national median property tax rate of 0.99%, Alleghany County's tax rates may seem favorable or burdensome depending on the specific property and its assessed value. For example, Hot Springs has the highest median tax bill in the county at $854, whereas Low Moor has the lowest at $345. These variations underscore the importance of understanding local property tax assessments and their impact on homeowners.
Average Alleghany County Tax Bill
$636
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Alleghany County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clifton Forge | $194 | $320 | $510 | $785 | $1,095 |
| Covington | $330 | $526 | $766 | $1,120 | $1,584 |
| Hot Springs | $372 | $550 | $854 | $1,509 | $2,832 |
| Iron Gate | $182 | $276 | $380 | $487 | $706 |
| Low Moor | $29 | $114 | $345 | $481 | $699 |
| Selma | $198 | $289 | $404 | $541 | $746 |
Source: Ownwell