Laurel Fork, Carroll County, Virginia Property Taxes
The median property tax rate in Laurel Fork, VA is 0.59%, significantly lower than the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $103,900 in Laurel Fork, the typical annual property tax bill is $613, well below the national median of $2,690. Property taxes in Laurel Fork are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laurel Fork'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 Laurel Fork or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel Fork, Carroll County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$613
$569
Ownwell’s Laurel Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Fork 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 Laurel Fork, Carroll County, Virginia
Property taxes in Laurel Fork, Virginia, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Laurel Fork is 0.59%, which is notably lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Laurel Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Fork 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 Laurel Fork's effective property tax rate to other areas in Carroll County and the national median. For comparison, the zip code 24352 has both the highest and lowest median property tax rate in the region at 0.59%. Understanding how these areas compare with Laurel Fork 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 Laurel Fork 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 Laurel Fork, Carroll County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24352 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Fork, Carroll County, Virginia
In Laurel Fork, 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 Laurel Fork, 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 Laurel Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $613, found in the zip code 24352.
Property Tax Assessment Values Across Laurel Fork, Carroll County, Virginia
Source: Ownwell
$51,750
$101,350
$150,950
Average Laurel Fork Assessed Value
$103,900
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 Laurel Fork, Carroll County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24352 | $26,400 | $58,600 | $103,900 | $159,850 | $237,720 |
Source: Ownwell
Property Tax Bills Across Laurel Fork, Carroll County, Virginia
In Laurel Fork, Carroll County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to calculate the tax bill. Homeowners in Laurel Fork experience a wide range of property tax bills, with the 25th percentile paying around $352 annually and the 75th percentile facing bills up to $954. At the 90th percentile, tax bills can reach approximately $1,384. The median home price in Laurel Fork is $103,900, which influences the overall tax burden for residents. Compared to the national median property tax rate of 0.99%, homeowners in this region may find their tax bills relatively manageable. Factors such as property improvements, market conditions, and local budget needs can also impact the assessed value and, subsequently, the tax bill. Understanding these elements helps homeowners anticipate and plan for their annual property tax obligations.
Average Laurel Fork Tax Bill
$613
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Fork, Carroll County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24352 | $160 | $352 | $613 | $954 | $1,384 |
Source: Ownwell