Pennington Gap, Virginia Property Taxes
The median property tax rate in Pennington Gap, VA is 0.62%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Pennington Gap at $45,200, the typical annual property tax bill is $283, which is well below the national median of $2,690. Property taxes in Pennington Gap are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Pennington Gap's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pennington Gap 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
Pennington Gap, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$280
$260
Ownwell’s Pennington Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennington Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennington Gap 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 Pennington Gap, Virginia
Property taxes in Pennington Gap, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennington Gap is 0.62%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Pennington Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennington Gap 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 Pennington Gap's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24277 has both the highest and the lowest median property tax rate of 0.62%. Understanding how these cities compare with Pennington Gap provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pennington Gap Tax Rate
0.62%
Average Lee County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pennington Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Pennington Gap, Virginia
In Pennington Gap, 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 Pennington Gap, 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 Pennington Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 24277 has the highest and lowest median tax bill at $283.00, reflecting the variability within the area.
Average Pennington Gap Assessed Value
$45,200
Average Lee County Assessed Value
$50,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pennington Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | $11,160 | $25,000 | $45,200 | $77,200 | $111,880 |
Source: Ownwell
Property Tax Bills Across Pennington Gap, Virginia
In Pennington Gap, VA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor's office and reflects the property's market value. Homeowners in this region can anticipate tax bills that vary significantly depending on their property's value. For example, the median home price in Pennington Gap is $45,200. Tax bills can range widely, with the 25th percentile paying around $157, while those in the 75th percentile pay approximately $486. At the higher end, the 90th percentile tax bill reaches $709. The median tax bill in Pennington Gap is $283, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax rate can be beneficial for homeowners, making property ownership more affordable. However, it also means that local services funded by property taxes may have limited resources. Understanding these factors helps homeowners plan their finances and anticipate their annual tax obligations.
Average Pennington Gap Tax Bill
$283
Average Lee County Tax Bill
$316
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Pennington Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | $71 | $157 | $283 | $486 | $709 |
Source: Ownwell