Hot Springs, Virginia Property Taxes
The median property tax rate in Hot Springs, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hot Springs at $142,550, the typical annual property tax bill amounts to $848, which is well below the national median of $2,690. Property taxes in Hot Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Springs 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
Hot Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$855
Ownwell’s HOT SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOT SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOT SPRINGS 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 Hot Springs, Virginia
Property taxes in Hot Springs, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs 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 Hot Springs' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24445 has both the highest and lowest median property tax rate of 0.60%. Understanding how Hot Springs compares with other areas provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Tax Rate
0.60%
Average Bath County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hot Springs, 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 Bath 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 Hot Springs, 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 Hot Springs is $142,550, with tax bills ranging from $581 at the 25th percentile to $3,282 at the 90th percentile. The zip code 24445 has both the highest and lowest median tax bill at $848. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hot Springs Assessed Value
$142,550
Average Bath County Assessed Value
$145,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | $66,530 | $97,975 | $142,550 | $273,950 | $557,410 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Virginia
In Hot Springs, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. Homeowners in Bath County pay property taxes that are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, the median home price in Hot Springs is $142,550, which serves as a baseline for property tax calculations. The tax bill can vary significantly within the area. At the 25th percentile, homeowners might see a tax bill of around $581, whereas those at the 75th percentile could face a bill of approximately $1,622. For the highest 10% of property values, the tax bill can surge to $3,282. These figures highlight the range of property tax burdens that homeowners may experience. Comparatively, the national median property tax rate is 0.99%, so understanding how local rates and assessed values impact your specific tax bill is crucial. This variability underscores the importance of accurate property assessments and potential appeals to ensure fair taxation.
Average Hot Springs Tax Bill
$848
Average Bath County Tax Bill
$864
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | $397 | $581 | $848 | $1,622 | $3,282 |
Source: Ownwell