Mouth Of Wilson, Virginia Property Taxes
The median property tax rate in Mouth of Wilson, VA is 0.68%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Mouth of Wilson at $135,250, the typical annual property tax bill amounts to $946, which is significantly below the national median of $2,690. Property taxes in Mouth of Wilson are determined based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Mouth of Wilson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're situated in the heart of Mouth of Wilson 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
Mouth Of Wilson, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Mouth of Wilson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mouth of Wilson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mouth of Wilson 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 Grayson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mouth Of Wilson, Virginia
Property taxes in Mouth of Wilson, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mouth of Wilson is 0.68%, lower than the U.S. national median of 0.99%. Local government entities within Mouth of Wilson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mouth of Wilson 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 Mouth of Wilson's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24363 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Mouth of Wilson 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 Mouth Of Wilson Tax Rate
0.68%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mouth Of Wilson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24363 | 0.54% | 0.62% | 0.68% | 0.79% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Mouth Of Wilson, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mouth of Wilson, Virginia. 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 Mouth of Wilson, 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. Understanding these valuation concepts helps property owners navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Mouth of Wilson is $135,250, with tax bills ranging from $601 at the 25th percentile to $2,119 at the 90th percentile. Being aware of these processes aids in identifying opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mouth Of Wilson, Virginia
Source: Ownwell
$76,900
$110,250
$143,600
Average Mouth Of Wilson Assessed Value
$135,250
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 Mouth Of Wilson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24363 | $40,530 | $77,925 | $135,250 | $215,975 | $355,370 |
Source: Ownwell
Property Tax Bills Across Mouth Of Wilson, Virginia
In Mouth of Wilson, located in Grayson County, VA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates your property's market value. This assessed value is then multiplied by the local property tax rate to determine your annual tax bill. For homeowners in Mouth of Wilson, the median home price is $135,250. Depending on the assessed value, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $601, while the 75th percentile tax bill reaches $1,384, and the 90th percentile tax bill can go up to $2,119. These figures highlight the range of potential tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, Mouth of Wilson's property taxes can be relatively manageable, though individual experiences will vary based on specific property assessments. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities accurately.
Average Mouth Of Wilson Tax Bill
$946
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mouth Of Wilson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24363 | $401 | $601 | $946 | $1,384 | $2,119 |
Source: Ownwell