Warm Springs, Virginia Property Taxes
The median property tax rate in Warm Springs, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $153,200 in Warm Springs, the typical annual property tax bill is approximately $887, well below the national median of $2,690. Property taxes in Warm Springs are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Warm Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Warm Springs or another part of Bath County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warm Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$919
$853
Ownwell’s Warm Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warm Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warm 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 Warm Springs, Virginia
Property taxes in Warm Springs, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warm Springs is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Warm Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warm 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 Warm Springs' effective property tax rate to other areas within Bath County and the national median. For comparison, the zip code 24484 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Warm Springs 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 Warm 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 Warm Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24484 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Warm Springs, Virginia
In Warm Springs, 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 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 Warm 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 Warm Springs is $153,200. The lowest and highest median tax bills are both $887 in the 24484 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Warm Springs Assessed Value
$153,200
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 Warm Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24484 | $51,460 | $93,650 | $153,200 | $261,900 | $436,100 |
Source: Ownwell
Property Tax Bills Across Warm Springs, Virginia
In Warm Springs, VA, property tax bills are determined by assessing the value of a homeowner's property, considering both the land and any structures on it. The assessed value is then multiplied by the local tax rate set by Bath County. For example, with a median home price of $153,200, homeowners can expect varying tax bills depending on their specific property's assessment. Factors such as property size, location, and improvements play a significant role in determining the assessed value. Homeowners in Warm Springs typically see tax bills ranging from $556 at the 25th percentile to $1,553 at the 75th percentile, with the 90th percentile reaching up to $2,489. Compared to the national median property tax rate of 0.99%, Warm Springs' rates can be seen as moderate, offering a balanced approach for homeowners. This system ensures that property taxes are proportionate to the value of each property, impacting homeowners by contributing to local services and infrastructure while reflecting their property's worth.
Average Warm Springs Tax Bill
$887
Average Bath County Tax Bill
$864
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Warm Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24484 | $303 | $556 | $887 | $1,553 | $2,489 |
Source: Ownwell