Warm Springs, Virginia Property Taxes
The median property tax rate in Warm Springs, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Warm Springs at $159,200, the typical annual property tax bill is approximately $764, far below the national median of $2,690. Property taxes in Warm Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Warm Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Warm Springs 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
Warm Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$764
Ownwell’s Warm Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warm Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warm Springs 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 Warm Springs, Virginia
Property taxes in Warm Springs, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warm Springs is 0.48%, which is below the U.S. national median of 0.99%. Local government entities within Warm Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warm Springs 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 Warm Springs' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24484 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Warm Springs 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 Warm Springs 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 Warm Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24484 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Warm Springs, Virginia
In Warm Springs, 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. 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 Warm Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $159,200, with the 25th percentile tax bill at $445 and the 75th percentile at $1,327. The highest and lowest median tax bills are both $764 in the 24484 zip code.
Average Warm Springs Assessed Value
$159,200
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 Warm Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24484 | $66,210 | $92,750 | $159,200 | $276,400 | $373,950 |
Source: Ownwell
Property Tax Bills Across Warm Springs, Virginia
In Warm Springs, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine your annual tax bill. For instance, with a median home price of $159,200 in Warm Springs, homeowners can expect varying tax bills based on their property's assessed value and the specific tax rate applied. Several factors influence the assessed value, including the home's location, size, and condition, as well as market trends in the area. The tax bill can significantly impact homeowners, as it is a recurring expense that needs to be budgeted for annually. In Warm Springs, the 25th percentile tax bill is $445, while the 75th percentile tax bill is $1,327, and the 90th percentile tax bill reaches $1,795. These figures illustrate the range of property taxes homeowners might encounter, affecting their overall financial planning and property affordability.
Average Warm Springs Tax Bill
$764
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Warm Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24484 | $318 | $445 | $764 | $1,327 | $1,795 |
Source: Ownwell