Willis, Virginia Property Taxes
The median property tax rate in Willis, VA is 0.59%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Willis at $83,450, the typical annual property tax bill amounts to $492, which is considerably less than the national median of $2,690. Property taxes in Willis are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Willis'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 Willis 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
Willis, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$492
$457
Ownwell's Willis Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Willis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willis to provide an estimate of 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 Willis, Virginia
Property taxes in Willis, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willis is 0.59%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Willis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willis 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 Willis's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24380 has both the highest and lowest median property tax rate in Carroll County at 0.59%. Understanding how these cities compare with Willis 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 Willis 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 Willis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24380 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Willis, Virginia
In Willis, 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 Willis, 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 Willis 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 $492.00 in the 24380 zip code.
Average Willis Assessed Value
$83,450
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 Willis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24380 | $30,080 | $56,475 | $83,450 | $128,775 | $162,510 |
Source: Ownwell
Property Tax Bills Across Willis, Virginia
In Willis, Virginia, property tax bills are calculated based on the assessed value of a home, which is often a percentage of its market value. The median home price in Willis is $83,450, and property taxes are applied to this assessed value. The tax rate in Willis is influenced by various local factors, including the needs of public services and schools. Homeowners can expect their tax bills to fall within a range, with the 25th percentile at $333 and the 75th percentile at $760. For those at the higher end, the 90th percentile tax bill is $959. These property taxes significantly impact homeowners by contributing to the funding of essential community services, such as education, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Willis offers a relatively affordable tax environment. This affordability can make homeownership more accessible and financially manageable for residents, enhancing the overall appeal of living in this Virginia community.
Average Willis Tax Bill
$492
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Willis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24380 | $177 | $333 | $492 | $760 | $959 |
Source: Ownwell