Troutdale, Virginia Property Taxes
The median property tax rate in Troutdale, VA is 0.70%, 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 $123,400 in Troutdale, the typical annual property tax bill amounts to $876, well below the national median of $2,690. Property taxes in Troutdale are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Troutdale's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Troutdale or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troutdale, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$864
Ownwell’s Troutdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troutdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troutdale 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 Troutdale, Virginia
Property taxes in Troutdale, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troutdale is 0.70%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Troutdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troutdale 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 Troutdale's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24378 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Troutdale 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 Troutdale Tax Rate
0.70%
Average Grayson County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troutdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24378 | 0.54% | 0.62% | 0.70% | 0.82% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Troutdale, Virginia
In Troutdale, 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 Troutdale, 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 Troutdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Troutdale are both $876.00, found in the 24378 zip code.
Average Troutdale Assessed Value
$123,400
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 Troutdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24378 | $37,020 | $66,400 | $123,400 | $217,600 | $348,500 |
Source: Ownwell
Property Tax Bills Across Troutdale, Virginia
Property tax bills in Troutdale, Grayson County, VA, are calculated based on the assessed value of a property, which is a percentage of its market value. The county's tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $123,400, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The 25th percentile tax bill is around $556, while the 75th percentile reaches $1,339, and the 90th percentile can go up to $1,958. These tax bills are influenced by factors such as property size, location, and any applicable exemptions. Homeowners in Troutdale should be aware that their property tax rates are essential for funding local services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Troutdale's rates might seem manageable, but they still significantly impact homeowners' annual expenses.
Average Troutdale Tax Bill
$876
Average Grayson County Tax Bill
$785
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Troutdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24378 | $384 | $556 | $876 | $1,339 | $1,958 |
Source: Ownwell