Low Moor, Virginia Property Taxes
The median property tax rate in Low Moor, VA is 0.73%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $47,300 in Low Moor, the typical annual property tax bill is approximately $345, far below the national median of $2,690. Property taxes in Low Moor are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Low Moor's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Low Moor 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
Low Moor, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$345
Ownwell’s Low Moor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Low Moor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Low Moor 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 Low Moor, Virginia
Property taxes in Low Moor, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Low Moor is 0.73%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Low Moor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Low Moor 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 Low Moor's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24457 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Low Moor 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 Low Moor 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 Low Moor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24457 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Low Moor, Virginia
In Low Moor, 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 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 Low Moor, 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. The median home price in Low Moor is $47,300, with tax bills ranging from $114 at the 25th percentile to $699 at the 90th percentile. The zip code 24457 has both the highest and lowest median tax bill at $345. Being aware of these valuation processes in Low Moor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Low Moor Assessed Value
$47,300
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 Low Moor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24457 | $4,000 | $15,600 | $47,300 | $65,925 | $95,800 |
Source: Ownwell
Property Tax Bills Across Low Moor, Virginia
In Low Moor, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property to estimate its market value. Homeowners in Low Moor, within Alleghany County, can expect their property tax bill to fall within a range influenced by their property's assessed value and the local tax rate. The median home price in Low Moor is $47,300, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $114, while the 75th percentile reaches $481, and the 90th percentile can be as high as $699. Compared to the national median property tax rate of 0.99%, Low Moor's property tax rates are relatively modest, making it an appealing location for homeowners seeking lower property tax burdens. However, the exact amount each homeowner pays will depend on their property's assessed value and any applicable exemptions or deductions. This variability underscores the importance of accurate property assessments and understanding local tax regulations to manage property tax obligations effectively.
Average Low Moor Tax Bill
$345
Average Alleghany County Tax Bill
$636
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Low Moor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24457 | $29 | $114 | $345 | $481 | $699 |
Source: Ownwell