Blue Grass, Virginia Property Taxes
The median property tax rate in Blue Grass, VA is 0.48%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Blue Grass at $143,200, the typical annual property tax bill reaches $687, significantly below the national median of $2,690. Property taxes in Blue Grass 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 Blue Grass'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 Blue Grass 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
Blue Grass, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$687
Ownwell’s Blue Grass Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blue Grass with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blue Grass 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 Blue Grass, Virginia
Property taxes in Blue Grass, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blue Grass is 0.48%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Blue Grass set these rates annually, and they can vary across different neighborhoods. Each year, Blue Grass 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 Blue Grass's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24413 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Blue Grass provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blue Grass Tax Rate
0.48%
Average Highland County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blue Grass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24413 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Blue Grass, Virginia
In Blue Grass, 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 Highland 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 Blue Grass, 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 Blue Grass helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Blue Grass is $143,200, with the highest and lowest median tax bills both at $687 in zip code 24413.
Average Blue Grass Assessed Value
$143,200
Average Highland County Assessed Value
$166,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blue Grass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24413 | $44,140 | $87,750 | $143,200 | $278,125 | $523,350 |
Source: Ownwell
Property Tax Bills Across Blue Grass, Virginia
Property tax bills in Blue Grass, located in Highland County, VA, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Blue Grass can expect their property tax bills to vary significantly depending on the assessed value of their homes. For instance, the median home price in the area is $143,200. The tax bill at the 25th percentile is around $421, while at the 75th percentile, it rises to $1,335. Those at the 90th percentile could see tax bills as high as $2,512. The highest and lowest median tax bills in the county both stand at $687, which is significantly lower than the national median property tax rate of 0.99%. These variations in tax bills are influenced by factors such as property size, location, and improvements, directly impacting how much homeowners owe annually. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Blue Grass Tax Bill
$687
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Blue Grass, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24413 | $212 | $421 | $687 | $1,335 | $2,512 |
Source: Ownwell