Luray, Virginia Property Taxes
The median property tax rate in Luray, VA is 0.73%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Luray at $171,600, the typical annual property tax bill is approximately $1,197, which is well below the national median of $2,690. Property taxes in Luray are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Luray'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 Luray or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luray, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,253
Ownwell’s Luray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luray 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 Luray, Virginia
Property taxes in Luray, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luray is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Luray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luray 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 Luray's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22835 in Luray has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Luray provides valuable insights into the varying tax landscape across Page County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luray Tax Rate
0.73%
Average Page County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luray, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22835 | 0.63% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Luray, Virginia
In Luray, 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 Page County Assessor 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 Luray, 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 Luray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22835 in Luray has both the highest and lowest median tax bill at $1,197, offering a clear perspective on the range of property tax responsibilities in the area.
Average Luray Assessed Value
$171,600
Average Page County Assessed Value
$161,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luray, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22835 | $80,210 | $121,500 | $171,600 | $242,400 | $337,200 |
Source: Ownwell
Property Tax Bills Across Luray, Virginia
In Luray, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $171,600 in Luray, homeowners can expect varying tax bills. The tax bill for the 25th percentile is $838, while the 75th percentile sees a tax bill of $1,707. At the 90th percentile, homeowners face a tax bill of $2,352. These property taxes impact homeowners significantly, as they contribute to essential public services like schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Luray's property taxes can be seen as relatively moderate, yet they still represent a substantial annual expense for homeowners. Understanding these factors can help homeowners better plan their finances and anticipate their annual tax obligations.
Average Luray Tax Bill
$1,197
Average Page County Tax Bill
$1,133
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Luray, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22835 | $423 | $838 | $1,197 | $1,707 | $2,352 |
Source: Ownwell