Free Union, Greene County, Virginia Property Taxes
The median property tax rate in Free Union, VA is 0.73%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Free Union, the typical annual property tax bill reaches $487, significantly below the national median of $2,690. Property taxes in Free Union are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Free Union'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 Free Union or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Free Union, Greene County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$691
$641
Ownwell’s Free Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Free Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Free Union 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 Free Union, Greene County, Virginia
Property taxes in Free Union, Virginia, are essential for funding key local services like public schools, road maintenance, and emergency services. The median tax rate in Free Union is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Free Union set these rates annually, and they can vary across different neighborhoods. Each year, Free Union 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. For comparison, the zip code 22940 in Greene County has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Free Union provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Free Union Tax Rate
0.73%
Average Greene County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Free Union, Greene County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22940 | 0.42% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Free Union, Greene County, Virginia
In Free Union, 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 Free Union, 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 Free Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 22940, with a median tax bill of $487.
Property Tax Assessment Values Across Free Union, Greene County, Virginia
Source: Ownwell
$94,600
$217,575
$340,550
Average Free Union Assessed Value
$94,600
Average Greene County Assessed Value
$237,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Free Union, Greene County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22940 | $16,870 | $23,250 | $94,600 | $216,975 | $394,540 |
Source: Ownwell
Property Tax Bills Across Free Union, Greene County, Virginia
In Free Union, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the final tax bill. Factors influencing the tax bill include the home's assessed value, which may differ from its market value, and the local tax rate set by the county. In Greene County, where Free Union is located, the median home price is $94,600. Homeowners in Free Union can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $149, while the 75th percentile reaches $1,454. At the higher end, the 90th percentile tax bill can be as much as $2,399. These variations highlight the impact of home value assessments and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Free Union's tax bills reflect the local economic conditions and valuation practices, affecting how much homeowners ultimately pay each year.
Average Free Union Tax Bill
$487
Average Greene County Tax Bill
$1,688
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Free Union, Greene County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22940 | $100 | $149 | $487 | $1,454 | $2,399 |
Source: Ownwell