Gum Spring, Virginia Property Taxes
The median property tax rate in Gum Spring, VA is 0.43%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Gum Spring, the typical annual property tax bill reaches $940, substantially less than the national median of $2,690. Property taxes in Gum Spring 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 Gum Spring'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 Gum Spring 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
Gum Spring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,027
Ownwell’s Gum Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gum Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gum Spring 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 Gum Spring, Virginia
Property taxes in Gum Spring, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gum Spring is 0.43%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gum Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gum Spring 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 Gum Spring's effective property tax rate to other areas in Louisa County and the national median. For comparison, the zip code 23065 has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these areas compare with Gum Spring provides valuable insights into the varying tax landscape across Louisa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gum Spring Tax Rate
0.43%
Average Louisa County Tax Rate
0.40%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gum Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | 0.33% | 0.39% | 0.43% | 0.45% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Gum Spring, Virginia
In Gum Spring, 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 Louisa 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 Gum Spring, 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 Gum Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Louisa County, the median home price is $238,800. The tax bills vary significantly, with the 25th percentile at $627 and the 75th percentile at $1,168. Notably, the zip code 23065 has both the highest and lowest median tax bill at $940.
Average Gum Spring Assessed Value
$238,800
Average Louisa County Assessed Value
$299,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gum Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | $101,920 | $181,200 | $238,800 | $299,100 | $381,660 |
Source: Ownwell
Property Tax Bills Across Gum Spring, Virginia
In Gum Spring, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Gum Spring can expect their property tax bills to vary significantly depending on several factors, including the assessed value of their homes and the local tax rate set by Louisa County. For instance, the median home price in Gum Spring is $238,800. Property tax bills in the area range widely, with the 25th percentile at $627 and the 75th percentile at $1,168. For those at the higher end, the 90th percentile tax bill can reach up to $1,505. The highest and lowest median tax bills in the area are both $940, indicating a level of consistency within certain zip codes, specifically 23065. These property taxes impact homeowners by contributing to the overall costs of homeownership, influencing decisions on purchasing and maintaining properties, and funding local services such as schools, infrastructure, and emergency services.
Average Gum Spring Tax Bill
$940
Average Louisa County Tax Bill
$1,027
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Gum Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | $268 | $627 | $940 | $1,168 | $1,505 |
Source: Ownwell