Blacksburg, Virginia Property Taxes
The median property tax rate in Blacksburg, VA is 0.70%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $322,600 in Blacksburg, the typical annual property tax bill amounts to $2,256, which is below the national median of $2,690. Property taxes in Blacksburg are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Blacksburg'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 Blacksburg 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
Blacksburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,258
$2,096
Ownwell’s Blacksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blacksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blacksburg 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 Blacksburg, Virginia
Property taxes in Blacksburg, Virginia, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Blacksburg is 0.70%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Blacksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blacksburg 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 Blacksburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24060 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Blacksburg provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blacksburg Tax Rate
0.70%
Average Montgomery County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blacksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24060 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Blacksburg, Virginia
In Blacksburg, 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 Montgomery County Assessment Office 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 Blacksburg, 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. For instance, the median home price in Blacksburg is $322,600, with tax bills ranging from $1,592 at the 25th percentile to $4,286 at the 90th percentile. The highest and lowest median tax bills are both $2,256 in the 24060 zip code. By understanding 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 Blacksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Blacksburg Assessed Value
$322,600
Average Montgomery County Assessed Value
$250,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blacksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24060 | $156,800 | $227,800 | $322,600 | $455,200 | $612,580 |
Source: Ownwell
Property Tax Bills Across Blacksburg, Virginia
In Blacksburg, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Blacksburg is $322,600. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Blacksburg can expect their tax bills to vary widely. The 25th percentile tax bill is around $1,592, while the 75th percentile tax bill is approximately $3,184. The 90th percentile tax bill can reach up to $4,286, illustrating the range of potential tax liabilities. Compared to the national median property tax rate of 0.99%, Blacksburg’s tax rates provide a competitive environment for homeowners. However, the exact impact on an individual homeowner's finances will depend on the specific assessed value of their property and applicable exemptions. This system ensures that property taxes are proportionate to the value of the property, providing a fair method of funding local services.
Average Blacksburg Tax Bill
$2,256
Average Montgomery County Tax Bill
$1,751
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Blacksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24060 | $1,092 | $1,592 | $2,256 | $3,184 | $4,286 |
Source: Ownwell