Iron Gate, Virginia Property Taxes
The median property tax rate in Iron Gate, VA is 0.73%, 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 Iron Gate, the typical annual property tax bill is $380, significantly less than the national median of $2,690. Property taxes in Iron Gate are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Iron Gate'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 Iron Gate 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
Iron Gate, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$380
$352
Ownwell’s IRON GATE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRON GATE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRON GATE 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 Iron Gate, Virginia
Property taxes in Iron Gate, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron Gate is 0.73%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Iron Gate set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron Gate 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 Iron Gate's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24448 has both the highest and lowest median property tax rate in the region at 0.73%. Understanding how these areas compare with Iron Gate provides valuable insights into the varying tax landscape across Alleghany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iron Gate Tax Rate
0.73%
Average Alleghany County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iron Gate, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24448 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Iron Gate, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Iron Gate, 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 Alleghany 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 Iron Gate, 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. The median home price in Iron Gate is $52,000, with tax bills ranging from $276 at the 25th percentile to $706 at the 90th percentile. Interestingly, the zip code 24448 has both the highest and lowest median tax bill at $380. 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 Iron Gate helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iron Gate Assessed Value
$52,000
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 Iron Gate, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24448 | $25,000 | $37,825 | $52,000 | $66,700 | $96,740 |
Source: Ownwell
Property Tax Bills Across Iron Gate, Virginia
In Iron Gate, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Iron Gate is $52,000. The tax rate in Iron Gate is applied to this assessed value to determine the annual property tax bill. Homeowners in Iron Gate can expect a tax bill in the 25th percentile to be around $276, while those in the 75th percentile might pay approximately $487. The 90th percentile tax bill can reach up to $706. The property tax rate in Iron Gate is relatively low compared to the national median property tax rate of 0.99%. This lower tax rate can make homeownership more affordable, but it also means that homeowners need to be vigilant in ensuring their property is accurately assessed to avoid overpayment. Accurate assessments and understanding the local tax rate are crucial for homeowners to manage their finances effectively.
Average Iron Gate Tax Bill
$380
Average Alleghany County Tax Bill
$636
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron Gate, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24448 | $182 | $276 | $380 | $487 | $706 |
Source: Ownwell