Grayson County Property Taxes
The median property tax rate in Grayson County is 0.70%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Grayson County, the typical annual property tax bill is $785, significantly below the national median of $2,690. Property taxes in Grayson County are calculated based on the assessed value, which often falls below the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Grayson County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Independence or another part of Grayson County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grayson County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$762
$707
Ownwell’s Grayson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Grayson with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Grayson to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Grayson County, Virginia
Property taxes in Grayson County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Grayson County is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Grayson County set these rates annually, and they can vary significantly between different areas within the county. Each year, Grayson County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Ivanhoe has one of the higher property tax rates in the region at 0.80%, while the city of Independence boasts one of the lowest at 0.67%. Analyzing how Grayson County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grayson County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Elk Creek | 0.57% | 0.62% | 0.68% | 0.77% | 0.95% |
| Fries | 0.54% | 0.54% | 0.74% | 0.93% | 1.31% |
| Galax | 0.60% | 0.66% | 0.75% | 0.88% | 1.12% |
| Independence | 0.54% | 0.59% | 0.67% | 0.78% | 0.99% |
| Ivanhoe | 0.62% | 0.65% | 0.80% | 1.00% | 1.14% |
| Mouth Of Wilson | 0.54% | 0.62% | 0.68% | 0.79% | 1.02% |
| Troutdale | 0.54% | 0.62% | 0.70% | 0.82% | 1.03% |
| Whitetop | 0.54% | 0.64% | 0.74% | 0.88% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Grayson County, Virginia
In Grayson, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Grayson Appraisal District. The assessed value, however, 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. Assessment notices in Grayson are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Grayson will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Grayson, Elk Creek has the highest median tax bill at $984, while Fries has the lowest at $593. This knowledge can be crucial for homeowners aiming to optimize their property tax situation.
Property Tax Assessment Values Across Grayson County, Virginia
Source: Ownwell
$76,900
$110,250
$143,600
Average Grayson County Assessed Value
$108,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grayson County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Elk Creek | $46,940 | $84,400 | $143,600 | $232,500 | $372,180 |
| Fries | $22,200 | $48,200 | $76,900 | $125,500 | $209,900 |
| Galax | $33,770 | $62,825 | $101,550 | $162,800 | $265,850 |
| Independence | $39,700 | $69,300 | $123,600 | $198,300 | $323,900 |
| Ivanhoe | $32,600 | $46,300 | $77,800 | $165,900 | $255,400 |
| Mouth Of Wilson | $40,530 | $77,925 | $135,250 | $215,975 | $355,370 |
| Troutdale | $37,020 | $66,400 | $123,400 | $217,600 | $348,500 |
| Whitetop | $28,000 | $50,050 | $90,600 | $159,100 | $271,300 |
Source: Ownwell
Property Tax Bills Across Grayson County, Virginia
In Grayson County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. Once the assessed value is established, the county applies its tax rate to this value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, the median home price in Grayson County is $108,800. Homeowners in the 25th percentile of tax bills pay around $522 annually, while those in the 75th percentile pay about $1,200. At the 90th percentile, the tax bill can reach up to $1,861. The highest median tax bill in the county is in Elk Creek, at $984, whereas the lowest is in Fries, at $593. These variations highlight how property value and location significantly impact tax obligations, affecting homeowners' overall financial planning and budget.
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Grayson County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Elk Creek | $449 | $655 | $984 | $1,465 | $2,219 |
| Fries | $295 | $400 | $593 | $864 | $1,316 |
| Galax | $381 | $547 | $756 | $1,097 | $1,658 |
| Independence | $347 | $518 | $845 | $1,290 | $1,967 |
| Ivanhoe | $390 | $466 | $636 | $1,163 | $1,652 |
| Mouth Of Wilson | $401 | $601 | $946 | $1,384 | $2,119 |
| Troutdale | $384 | $556 | $876 | $1,339 | $1,958 |
| Whitetop | $330 | $472 | $711 | $1,075 | $1,648 |
Source: Ownwell