Independence, Virginia Property Taxes
The median property tax rate in Independence, VA is 0.67%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $123,600 in Independence, the typical annual property tax bill is $845, which is well below the national median of $2,690. Property taxes in Independence 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. By thoroughly understanding Independence's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're located in the heart of Independence or another part of Grayson County, a deep understanding of the local property tax system is beneficial.
Last Updated June 14, 2024
Independence, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$828
$768
Ownwell’s Independence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, Virginia
Property taxes in Independence, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24348 has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Independence 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 Independence Tax Rate
0.67%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24348 | 0.54% | 0.59% | 0.67% | 0.78% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Virginia
In Independence, 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 local 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 Independence, 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. For example, the median home price in Independence is $123,600, with tax bills ranging from $518 at the 25th percentile to $1,967 at the 90th percentile. The zip code with the highest and lowest median tax bill is 24348, both at $845. 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Independence Assessed Value
$123,600
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 Independence, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24348 | $39,700 | $69,300 | $123,600 | $198,300 | $323,900 |
Source: Ownwell
Property Tax Bills Across Independence, Virginia
In Independence, Grayson County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $123,600, homeowners can expect varying tax bills depending on their property's specific assessment and tax rate. Tax bills in this area can range significantly. At the 25th percentile, homeowners might pay around $518, while those at the 75th percentile could see bills as high as $1,290. The 90th percentile tax bill can reach up to $1,967, illustrating a broad spectrum of possible tax obligations. The highest and lowest median tax bills in the region are both $845, found in the ZIP code 24348. These property taxes directly impact homeowners by influencing their annual housing costs and potentially affecting their financial planning and home affordability. When compared to the national median property tax rate of 0.99%, the rates in Independence reflect the local economic and property market conditions.
Average Independence Tax Bill
$845
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24348 | $347 | $518 | $845 | $1,290 | $1,967 |
Source: Ownwell