Selma, Virginia Property Taxes
The median property tax rate in Selma, VA is 0.73%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $55,400 in Selma, the typical annual property tax bill amounts to $404, significantly below the national median of $2,690. Property taxes in Selma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Selma'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 Selma or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Selma, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$404
$375
Ownwell’s Selma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Selma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selma 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 Selma, Virginia
Property taxes in Selma, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Selma 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 Selma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selma 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 Selma's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24474 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Selma 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 Selma 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 Selma, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24474 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Selma, Virginia
In Selma, 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 Selma, 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 Selma is $55,400, with tax bills ranging from $289 at the 25th percentile to $746 at the 90th percentile. The highest and lowest median tax bills are both $404 in the 24474 zip code. 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 Selma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Selma Assessed Value
$55,400
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 Selma, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24474 | $27,080 | $39,550 | $55,400 | $74,050 | $102,180 |
Source: Ownwell
Property Tax Bills Across Selma, Virginia
In Selma, located in Alleghany County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Selma experience a range of property tax bills, with the 25th percentile at $289 and the 75th percentile at $541, reflecting the varying property values within the area. The tax bill can go as high as $746 for those in the 90th percentile. These figures indicate that while some homeowners pay relatively low property taxes, others face higher bills, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Selma's property tax rates provide a perspective on how local tax policies can impact homeowners differently. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Selma Tax Bill
$404
Average Alleghany County Tax Bill
$636
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Selma, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24474 | $198 | $289 | $404 | $541 | $746 |
Source: Ownwell