Ivanhoe, Virginia Property Taxes
The median property tax rate in Ivanhoe, VA is 0.80%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $77,800 in Ivanhoe, the typical annual property tax bill amounts to $636, significantly under the national median of $2,690. Property taxes in Ivanhoe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Ivanhoe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ivanhoe 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
Ivanhoe, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$622
$578
Ownwell’s Ivanhoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivanhoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivanhoe 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 Ivanhoe, Virginia
Property taxes in Ivanhoe, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivanhoe is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Ivanhoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivanhoe 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 Ivanhoe's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24350 has the same median property tax rate of 0.80%. Understanding how these cities compare with Ivanhoe provides valuable insights into the varying tax landscape across Wythe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivanhoe Tax Rate
0.80%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivanhoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24350 | 0.62% | 0.65% | 0.80% | 1.00% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Ivanhoe, Virginia
In Ivanhoe, 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 Ivanhoe, 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. The median home price in Ivanhoe is $77,800, with tax bills varying significantly. For instance, the 25th percentile tax bill is $466, while the 75th percentile tax bill is $1,163. The highest and lowest median tax bills are both $636 in the 24350 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Ivanhoe Assessed Value
$77,800
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 Ivanhoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24350 | $32,600 | $46,300 | $77,800 | $165,900 | $255,400 |
Source: Ownwell
Property Tax Bills Across Ivanhoe, Virginia
In Ivanhoe, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Ivanhoe is $77,800, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Ivanhoe, the property tax bill can vary significantly. The 25th percentile tax bill is approximately $466, while the 75th percentile reaches up to $1,163, and the 90th percentile can be as high as $1,652. The highest and lowest median tax bills in the area are both $636, found in the zip code 24350. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Ivanhoe's rates can offer some relief or present a heavier burden depending on the home's assessed value.
Average Ivanhoe Tax Bill
$636
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivanhoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24350 | $390 | $466 | $636 | $1,163 | $1,652 |
Source: Ownwell