Fries, Virginia Property Taxes
The median property tax rate in Fries, VA is 0.74%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $76,900 in Fries, the typical annual property tax bill is $593, significantly below the national median of $2,690. Property taxes in Fries are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Fries' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fries or another part of Grayson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fries, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$569
$528
Ownwell’s Fries Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fries with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fries 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 Fries, Virginia
Property taxes in Fries, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fries is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Fries set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fries 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 Fries' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24330 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Fries provides valuable insights into the varying tax landscape across Grayson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fries Tax Rate
0.74%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fries, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24330 | 0.54% | 0.54% | 0.74% | 0.93% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Fries, Virginia
In Fries, 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 Grayson 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 Fries, 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 Fries helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fries is $76,900, with the 25th percentile tax bill at $400 and the 75th percentile tax bill at $864. The highest and lowest median tax bills are both $593 in zip code 24330.
Average Fries Assessed Value
$76,900
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 Fries, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24330 | $22,200 | $48,200 | $76,900 | $125,500 | $209,900 |
Source: Ownwell
Property Tax Bills Across Fries, Virginia
In Fries, located in Grayson County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Fries, the median home price stands at $76,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $400 and the 75th percentile tax bill reaching $864. At the 90th percentile, homeowners might see tax bills as high as $1,316. The property tax rate in Fries is crucial as it directly impacts how much homeowners pay annually. Compared to the national median property tax rate of 0.99%, the local rates in Grayson County can lead to varying tax burdens. Homeowners should be aware of these factors, as higher property taxes can affect overall affordability and the long-term investment value of their homes.
Average Fries Tax Bill
$593
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fries, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24330 | $295 | $400 | $593 | $864 | $1,316 |
Source: Ownwell