Grayson County, Virginia Property Taxes

Name: Property Tax Bills Across Grayson County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Grayson County effective property tax rate: 0.70%, significantly lower than the national median of 1.02%.
Median Grayson County home value: $108,800
Median annual Grayson County tax bill: $785, $1,615 lower than the national median property tax bill of $2,400.

How are property taxes in Grayson County calculated?

Property taxes in Grayson County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Independence or another part of Grayson County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Grayson County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.7%

Estimate Property Tax Bill

$762

$707

Ownwell’s Grayson County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Grayson County with just two data points.

By entering your property's estimated assessed value, our calculator applies Grayson County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Grayson County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Grayson County, Virginia

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Grayson County's effective property tax rate to other counties in Virginia or the U.S. median property tax rate. Grayson County has a median property tax rate of 0.70%, which is significantly lower than the national median of 1.02%. Within the county, the city of Ivanhoe has the highest median tax rate at 0.80%, while Independence boasts the lowest at 0.67%. This variation highlights the importance of understanding local tax rates, as they directly impact property tax bills. Grayson County's lower tax rate can make it an attractive location for property owners looking to save on annual costs compared to the national average.

Property Tax Rates Across Grayson County, Virginia

Source: Ownwell

0.67%

0.73%

0.80%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Grayson County Tax Rate

0.70%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

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

When examining property taxes in Grayson County, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Grayson County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Grayson County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Grayson County. For example, the median tax bill in Grayson County is $984.00, with tax bills ranging significantly across the county. Elk Creek has the highest median home price at $143,600.00.

Property Tax Assessment Values Across Grayson County, Virginia

Source: Ownwell

$76,900

$110,250

$143,600

Median Grayson County Market Value

$108,800

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

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

Property tax bills in Grayson County, Virginia, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and any improvements can influence the assessed value. In Grayson County, the median home price is $108,800, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $522, while the 75th percentile reaches $1,200, and the 90th percentile is $1,861. Elk Creek holds the highest median tax bill at $984, compared to Fries, which has the lowest at $593. These figures highlight the variability in tax bills within the county. Compared to the national median property tax bill of $2,400, Grayson County's tax bills are generally lower, offering some relief to homeowners. However, understanding these factors is crucial for homeowners to anticipate their annual tax obligations accurately.

Property Tax Bills Across Grayson County, Virginia

Source: Ownwell

$593

$789

$984

Median Grayson County Tax Bill

$785

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

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