Gasburg, Virginia Property Taxes
The median property tax rate in Gasburg, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $116,600 in Gasburg, the typical annual property tax bill amounts to $764, well below the national median of $2,690. Property taxes in Gasburg are based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Gasburg'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 Gasburg or elsewhere in Brunswick County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gasburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$758
Ownwell’s Gasburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gasburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gasburg 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 Gasburg, Virginia
Property taxes in Gasburg, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gasburg is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Gasburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gasburg 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 Gasburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23857 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Gasburg provides valuable insights into the varying tax landscape across Brunswick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gasburg Tax Rate
0.65%
Average Brunswick County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gasburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23857 | 0.65% | 0.65% | 0.65% | 0.65% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Gasburg, Virginia
In Gasburg, 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 Brunswick 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 Gasburg, 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. For instance, the median home price in Gasburg is $116,600, with tax bills ranging from $393 at the 25th percentile to $2,254 at the 90th percentile. The zip code 23857 has both the highest and lowest median tax bill at $764. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Gasburg Assessed Value
$116,600
Average Brunswick County Assessed Value
$41,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gasburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23857 | $18,400 | $59,800 | $116,600 | $209,800 | $331,720 |
Source: Ownwell
Property Tax Bills Across Gasburg, Virginia
In Gasburg, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the home's market value, reflecting the property's worth in the current real estate market. Homeowners in Gasburg can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate set by Brunswick County. Several factors influence the tax bill, including the home's size, location, and condition. For instance, a median home price in Gasburg is $116,600, leading to varying tax bills across different percentiles. Homeowners at the 25th percentile can expect a tax bill of around $393, while those at the 75th percentile might see a bill closer to $1,308. For the top 10% of properties, tax bills can reach up to $2,254. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for Gasburg residents.
Average Gasburg Tax Bill
$764
Average Brunswick County Tax Bill
$272
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Gasburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23857 | $161 | $393 | $764 | $1,308 | $2,254 |
Source: Ownwell