Floyd, Virginia Property Taxes
The median property tax rate in Floyd, VA is 0.65%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Floyd, the typical annual property tax bill reaches $878, significantly below the national median of $2,690. Property taxes in Floyd 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 Floyd'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 Floyd or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floyd, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$904
$839
Ownwell’s Floyd Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Floyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floyd 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 Floyd, Virginia
Property taxes in Floyd, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floyd is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Floyd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floyd 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 Floyd's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code with the highest median property tax rate in Floyd is 24091, with a rate of 0.65%, while the zip code with the lowest median tax rate is also 24091, holding steady at 0.65%. Understanding how these areas compare with Floyd provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floyd Tax Rate
0.65%
Average Floyd County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyd, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24091 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Floyd, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Floyd, Virginia. 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 local 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 Floyd, 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 Floyd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24091 has both the highest and lowest median tax bill of $878.
Average Floyd Assessed Value
$139,100
Average Floyd County Assessed Value
$126,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyd, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24091 | $39,840 | $86,300 | $139,100 | $205,300 | $277,640 |
Source: Ownwell
Property Tax Bills Across Floyd, Virginia
In Floyd, VA, property tax bills are calculated based on the assessed value of a home. The process begins with the local tax assessor determining the market value of the property. This value is then multiplied by the county's property tax rate to calculate the annual tax bill. Factors such as the property's location, size, and condition are considered during the assessment. Homeowners in Floyd can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $523, while the 75th percentile reaches $1325. At the 90th percentile, homeowners might see bills as high as $1788. The median property tax bill in Floyd stands at $878, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, making Floyd an attractive place for property investment. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Floyd Tax Bill
$878
Average Floyd County Tax Bill
$805
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyd, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24091 | $214 | $523 | $878 | $1,325 | $1,788 |
Source: Ownwell