Glen Allen, Virginia Property Taxes
The median property tax rate in Glen Allen, VA is 0.53%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $581,900 in Glen Allen, the typical annual property tax bill is $3,084, surpassing the national median of $2,690. Property taxes in Glen Allen are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Glen Allen'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 Glen Allen or another part of Goochland County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glen Allen, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$3,084
$2,862
Ownwell’s Glen Allen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glen Allen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Allen 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 Glen Allen, Virginia
Property taxes in Glen Allen, Virginia, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Glen Allen is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Glen Allen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Allen 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 Glen Allen's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23059 has the same median property tax rate of 0.53%. Understanding how these areas compare with Glen Allen provides valuable insights into the varying tax landscape across Goochland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glen Allen Tax Rate
0.53%
Average Goochland County Tax Rate
0.53%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Allen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23059 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Glen Allen, Virginia
In Glen Allen, 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 Goochland County Assessor 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 Glen Allen, 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 Glen Allen 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 bills in Glen Allen is 23059, both at $3,084.
Average Glen Allen Assessed Value
$581,900
Average Goochland County Assessed Value
$453,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glen Allen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23059 | $508,620 | $541,000 | $581,900 | $632,050 | $690,380 |
Source: Ownwell
Property Tax Bills Across Glen Allen, Virginia
In Glen Allen, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county and is intended to reflect the market value of the property. The tax rate in Glen Allen is applied to this assessed value to calculate the annual property tax bill. For homeowners in Glen Allen, the median home price is $581,900. Property tax bills can vary significantly; at the 25th percentile, homeowners might pay around $2,865, while at the 75th percentile, the tax bill could rise to approximately $3,324. The highest median tax bill recorded in the area is $3,084, notably within the 23059 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners need to understand these factors as they can significantly affect annual housing costs and long-term financial planning.
Average Glen Allen Tax Bill
$3,084
Average Goochland County Tax Bill
$2,269
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Allen, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23059 | $2,685 | $2,865 | $3,084 | $3,324 | $3,660 |
Source: Ownwell