Hiwassee, Virginia Property Taxes
The median property tax rate in Hiwassee, 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 $226,700 in Hiwassee, the typical annual property tax bill amounts to $1,518, which is significantly less than the national median of $2,690. Property taxes in Hiwassee are calculated based on the tax assessed value, which is usually lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Hiwassee's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether residing in the heart of Hiwassee or in other parts of the city, gaining insights into the local property tax system proves beneficial.
Last Updated June 14, 2024
Hiwassee, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,587
$1,473
Ownwell’s Hiwassee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hiwassee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hiwassee 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 Hiwassee, Virginia
Property taxes in Hiwassee, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hiwassee 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 Hiwassee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hiwassee 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 Hiwassee's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24347 zip code has both the highest and lowest median property tax rates at 0.70%. Understanding how these areas compare with Hiwassee 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 Hiwassee 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 Hiwassee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24347 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Hiwassee, Virginia
In Hiwassee, 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 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 Hiwassee, 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. In Hiwassee, the median home price is $226,700, with the 25th percentile tax bill at $1,025 and the 75th percentile at $2,570. The zip code 24347 has both the highest and lowest median tax bill at $1,518. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hiwassee Assessed Value
$226,700
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 Hiwassee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24347 | $78,930 | $146,375 | $226,700 | $374,375 | $507,780 |
Source: Ownwell
Property Tax Bills Across Hiwassee, Virginia
In Hiwassee, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the property. Homeowners in Montgomery County, where Hiwassee is located, typically see tax bills that vary widely depending on their property's valuation. For instance, the median home price in the area is $226,700, which serves as a baseline for calculating property taxes. Several factors influence the tax bill, including property size, location, and improvements. The tax bill for the 25th percentile stands at $1,025, while those in the 75th percentile and 90th percentile pay around $2,570 and $3,554, respectively. These figures show that higher-valued properties incur significantly higher tax bills. Homeowners in the zip code 24347 see a median tax bill of $1,518, highlighting a relatively consistent tax rate across the region. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Hiwassee Tax Bill
$1,518
Average Montgomery County Tax Bill
$1,751
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hiwassee, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24347 | $553 | $1,025 | $1,518 | $2,570 | $3,554 |
Source: Ownwell