Narrows, Virginia Property Taxes
The median property tax rate in Narrows, VA is 0.68%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $80,900 in Narrows, the typical annual property tax bill is about $541, significantly below the national median of $2,690. Property taxes in Narrows are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Narrows' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Narrows or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Narrows, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Narrows Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Narrows with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Narrows 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 Narrows, Virginia
Property taxes in Narrows, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Narrows is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Narrows set these rates annually, and they can vary significantly across different neighborhoods. Each year, Narrows 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 Narrows' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24124 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Narrows provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Narrows Tax Rate
0.68%
Average Giles County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Narrows, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24124 | 0.66% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Narrows, Virginia
In Narrows, 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 Giles 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 Narrows, 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 Narrows 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 is 24124, both at $541.
Average Narrows Assessed Value
$80,900
Average Giles County Assessed Value
$99,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Narrows, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24124 | $35,250 | $56,600 | $80,900 | $116,825 | $168,050 |
Source: Ownwell
Property Tax Bills Across Narrows, Virginia
Property tax bills in Narrows, located in Giles County, VA, are calculated based on the assessed value of the property. The median home price in Narrows is $80,900, which serves as a baseline for these assessments. Local tax authorities determine the assessed value, which is then multiplied by the local property tax rate to calculate the annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. For instance, the 25th percentile tax bill in Narrows is $363, while the 75th percentile tax bill is $768. At the 90th percentile, homeowners may see tax bills as high as $1,094. The highest and lowest median tax bills in the area are both recorded at $541, reflecting a consistent rate within the specific zip code 24124. Compared to the national median property tax rate of 0.99%, Narrows offers a relatively affordable property tax environment. These tax bills impact homeowners by affecting their annual budgeting and overall cost of living, making it essential to understand how these taxes are calculated and what factors may cause fluctuations.
Average Narrows Tax Bill
$541
Average Giles County Tax Bill
$654
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Narrows, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24124 | $219 | $363 | $541 | $768 | $1,094 |
Source: Ownwell