Tyro, Virginia Property Taxes
The median property tax rate in Tyro, VA is 0.65%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $98,700 in Tyro, the typical annual property tax bill amounts to $560, which is well below the national median of $2,690. Property taxes in Tyro are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Tyro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant yearly savings. Whether you're residing in Tyro or investing in property there, comprehending the local property tax structure will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Tyro, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$642
Ownwell’s Tyro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tyro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tyro 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 Tyro, Virginia
Property taxes in Tyro, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tyro is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Tyro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tyro 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 Tyro's effective property tax rate to other areas and the national median. For comparison, the 22976 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Tyro provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tyro Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tyro, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22976 | 0.20% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Tyro, Virginia
In Tyro, 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 Nelson 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 Tyro, 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 Tyro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tyro are both $560.00, found in the zip code 22976.
Average Tyro Assessed Value
$98,700
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tyro, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22976 | $15,720 | $44,700 | $98,700 | $209,700 | $347,860 |
Source: Ownwell
Property Tax Bills Across Tyro, Virginia
In Tyro, located in Nelson County, VA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the local tax assessor and is used to calculate the property tax owed by homeowners. Several factors are considered in this assessment, including the property's size, location, and any improvements or renovations made. For Tyro homeowners, the property tax bill can vary significantly. The 25th percentile tax bill is $211, while the 75th percentile reaches $1,185, and the 90th percentile soars to $2,086. The median home price in Tyro is $98,700, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Tyro's property taxes can be seen as relatively moderate, depending on the assessed value of the property. This variability in property tax bills affects homeowners differently, with those owning higher-valued or extensively improved properties facing higher taxes. Understanding these factors can help homeowners anticipate and manage their tax obligations more effectively.
Average Tyro Tax Bill
$560
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Tyro, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22976 | $42 | $211 | $560 | $1,185 | $2,086 |
Source: Ownwell