Hillsville, Virginia Property Taxes
The median property tax rate in Hillsville, VA is 0.59%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hillsville, the typical annual property tax bill amounts to $550, well below the national median of $2,690. Property taxes in Hillsville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hillsville'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 Hillsville or another part of Carroll County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$553
$514
Ownwell’s Hillsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsville 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 Hillsville, Virginia
Property taxes in Hillsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsville is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Hillsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsville 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 Hillsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24343 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Hillsville provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsville Tax Rate
0.59%
Average Carroll County Tax Rate
0.59%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Hillsville, Virginia
In Hillsville, 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 Carroll 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 Hillsville, 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 Hillsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Hillsville is 24343, both at $550.
Average Hillsville Assessed Value
$93,800
Average Carroll County Assessed Value
$88,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | $19,180 | $50,700 | $93,800 | $141,350 | $199,520 |
Source: Ownwell
Property Tax Bills Across Hillsville, Virginia
Property tax bills in Hillsville, located in Carroll County, VA, are determined by multiplying the assessed value of a property by the local tax rate. The median home price in Hillsville is $93,800. Homeowners can expect to pay property taxes within a range, depending on several factors including the assessed value of their property and the specific tax rate applied by the local authorities. For instance, the 25th percentile tax bill is $293, while the 75th percentile tax bill is $830, and the 90th percentile tax bill reaches $1171. These figures illustrate the variability in tax bills, which can be influenced by property improvements, neighborhood developments, and changes in the local tax rate. With the national median property tax rate at 0.99%, Hillsville's tax bills offer a comparative perspective for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Hillsville Tax Bill
$550
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | $109 | $293 | $550 | $830 | $1,171 |
Source: Ownwell