Gum Spring, Goochland County, Virginia Property Taxes
The median property tax rate in Gum Spring, VA is 0.53%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Gum Spring at $308,400, the typical annual property tax bill amounts to $1,597, which is well below the national median of $2,690. Property taxes in Gum Spring 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 Gum Spring'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 Gum Spring or another part of Goochland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gum Spring, Goochland County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,635
$1,517
Ownwell’s Gum Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gum Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gum Spring 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 Gum Spring, Goochland County, Virginia
Property taxes in Gum Spring, Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Gum Spring is 0.53%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Gum Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gum Spring 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 Gum Spring's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23065 zip code has the highest median property tax rate of 0.53%, while the same 23065 zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Gum Spring 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 Gum Spring 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 Gum Spring, Goochland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | 0.45% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Gum Spring, Goochland County, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gum Spring, 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 Goochland 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 Gum Spring, 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 Gum Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23065 has both the highest and lowest median tax bill at $1,597.
Property Tax Assessment Values Across Gum Spring, Goochland County, Virginia
Source: Ownwell
$242,900
$541,400
$839,900
Average Gum Spring Assessed Value
$308,400
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 Gum Spring, Goochland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | $183,300 | $241,200 | $308,400 | $410,800 | $521,900 |
Source: Ownwell
Property Tax Bills Across Gum Spring, Goochland County, Virginia
In Gum Spring, located in Goochland County, VA, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor, who evaluates the property's market value. Homeowners in Gum Spring can expect their property tax bills to vary widely depending on the value of their home. For instance, the median home price is $308,400, and tax bills range from the 25th percentile at $1,232 to the 75th percentile at $2,124, with the 90th percentile reaching up to $2,657. Factors influencing the tax bill include the property's location, size, and market conditions. These taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Gum Spring may find their tax rates to be relatively moderate. Understanding how these factors affect your tax bill can help in financial planning and property investment decisions.
Average Gum Spring Tax Bill
$1,597
Average Goochland County Tax Bill
$2,269
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Gum Spring, Goochland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | $953 | $1,232 | $1,597 | $2,124 | $2,657 |
Source: Ownwell