Narrows, Virginia Property Taxes
The median property tax rate in Narrows, VA is 0.60%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Narrows, the typical annual property tax bill reaches $470, significantly below the national median of $2,690. Property taxes in Narrows are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Narrows' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Narrows 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
Narrows, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$470
Ownwell’s Narrows Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Narrows with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Narrows 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 Narrows, Virginia
Property taxes in Narrows, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Narrows is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Narrows set these rates annually, and they can vary significantly across different neighborhoods. Each year, Narrows 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 Narrows' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24124 in Bland County has a median property tax rate of 0.60%, which is the same as Narrows. Understanding how these cities compare with Narrows provides valuable insights into the varying tax landscape across Bland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Narrows Tax Rate
0.60%
Average Bland County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Narrows, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24124 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Narrows, Virginia
In Narrows, 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 Bland 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 Narrows, 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. Being aware of these valuation processes in Narrows helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Narrows is $78,300, with the 25th percentile tax bill at $293 and the 75th percentile tax bill at $746. The highest and lowest median tax bills are both $470, found in zip code 24124.
Average Narrows Assessed Value
$78,300
Average Bland County Assessed Value
$87,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Narrows, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24124 | $18,000 | $48,800 | $78,300 | $124,300 | $240,600 |
Source: Ownwell
Property Tax Bills Across Narrows, Virginia
In Narrows, VA, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in Narrows is $78,300. Homeowners can expect a tax bill that varies significantly depending on the value of their property. For instance, the 25th percentile tax bill is around $293, while the 75th percentile tax bill reaches $746. At the higher end, the 90th percentile tax bill is $1,444, indicating a broad range of property tax obligations within the area. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The highest and lowest median tax bills in Narrows are both $470, found in the 24124 zip code. Compared to the national median property tax rate of 0.99%, Narrows offers a relatively affordable property tax environment. These tax obligations impact homeowners by influencing their overall cost of living and potentially affecting property values and market dynamics in the region.
Average Narrows Tax Bill
$470
Average Bland County Tax Bill
$528
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Narrows, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24124 | $108 | $293 | $470 | $746 | $1,444 |
Source: Ownwell