Spout Spring, Virginia Property Taxes
The median property tax rate in Spout Spring, VA is 0.45%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Spout Spring at $232,300, the typical annual property tax bill reaches $1,045, well below the national median of $2,690. Property taxes in Spout Spring 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 Spout Spring's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Spout Spring or another part of Campbell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spout Spring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,045
$970
Ownwell’s Spout Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spout Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spout Spring 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 Spout Spring, Virginia
Property taxes in Spout Spring, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spout Spring is 0.45%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Spout Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spout Spring 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 Spout Spring's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24593 has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with Spout Spring provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spout Spring Tax Rate
0.45%
Average Campbell County Tax Rate
0.45%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spout Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24593 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Spout Spring, Virginia
In Spout Spring, 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 Campbell 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 Spout Spring, 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 Spout Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Campbell County, the highest median tax bill is $1,045 in zip code 24593, which is also the lowest median tax bill, highlighting the uniformity in property tax assessments.
Average Spout Spring Assessed Value
$232,300
Average Campbell County Assessed Value
$187,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spout Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24593 | $26,550 | $63,075 | $232,300 | $275,275 | $322,720 |
Source: Ownwell
Property Tax Bills Across Spout Spring, Virginia
In Spout Spring, Campbell County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Spout Spring experience a range of property tax bills. For example, the tax bill at the 25th percentile is $284, while at the 75th percentile, it rises to $1,239. The tax bill at the 90th percentile reaches $1,452. These figures indicate a significant variation in tax bills, influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, the property tax rate in Campbell County can be seen as relatively moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Spout Spring Tax Bill
$1,045
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Spout Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24593 | $119 | $284 | $1,045 | $1,239 | $1,452 |
Source: Ownwell