Patrick County Property Taxes
The median property tax rate in Patrick County is 0.73%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Patrick County at $79,400, the typical annual property tax bill is $580, well below the national median of $2,690. Property taxes in Patrick County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions, such as primary residence and agricultural exemptions. Understanding Patrick County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Stuart or another part of Patrick County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Patrick County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$580
Ownwell’s Patrick County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Patrick County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Patrick County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Patrick County, Virginia
Property taxes in Patrick County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Patrick County is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Patrick County set these rates annually, and they can vary significantly between different areas within the county. Each year, Patrick County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Patrick County's effective property tax rate with other counties and the national median. For comparison, the city of Ararat has a property tax rate of 0.73%, which aligns with Patrick County's rate. Analyzing how Patrick County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patrick County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ararat | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Bassett | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Cana | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Claudville | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Critz | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Fancy Gap | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Ferrum | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Floyd | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Hillsville | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Meadows Of Dan | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Mount Airy | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Patrick Springs | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Spencer | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Stuart | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Vesta | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Woolwine | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Patrick County, Virginia
In Patrick County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Patrick County Appraisal District. The assessed value, however, 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. Assessment notices in Patrick County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, in Patrick County, the highest median tax bill is $982 in Fancy Gap, while the lowest is $208 in Mount Airy. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patrick County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ararat | $19,240 | $40,500 | $75,000 | $119,100 | $177,320 |
| Bassett | $12,400 | $33,200 | $76,200 | $116,400 | $173,740 |
| Cana | $41,850 | $60,975 | $81,850 | $106,600 | $133,650 |
| Claudville | $18,410 | $36,650 | $73,600 | $119,250 | $179,220 |
| Critz | $22,320 | $52,400 | $85,400 | $134,450 | $181,980 |
| Fancy Gap | $98,510 | $115,400 | $134,550 | $171,375 | $229,120 |
| Ferrum | $11,210 | $20,050 | $54,700 | $117,800 | $182,570 |
| Floyd | $49,820 | $64,175 | $92,850 | $189,850 | $249,240 |
| Hillsville | $52,080 | $63,100 | $101,300 | $154,650 | $230,320 |
| Meadows Of Dan | $27,200 | $59,150 | $101,800 | $152,350 | $243,100 |
| Mount Airy | $28,500 | $28,500 | $28,500 | $28,500 | $28,500 |
| Patrick Springs | $16,150 | $42,075 | $72,900 | $112,100 | $165,650 |
| Spencer | $21,740 | $42,900 | $77,200 | $117,700 | $162,760 |
| Stuart | $18,500 | $40,600 | $76,400 | $124,425 | $182,400 |
| Vesta | $50,500 | $50,500 | $50,500 | $50,500 | $50,500 |
| Woolwine | $20,100 | $50,650 | $88,200 | $140,000 | $199,900 |
Source: Ownwell
Property Tax Bills Across Patrick County, Virginia
In Patrick County, VA, property tax bills are calculated based on the assessed value of your home. The local tax assessor determines this value, which is then multiplied by the county's tax rate to arrive at your annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, the median home price in Patrick County is $79,400. Homeowners in Patrick County can expect a range of tax bills. The 25th percentile tax bill is around $313, while the 75th percentile reaches $928. At the 90th percentile, property tax bills can go as high as $1,374. Comparatively, Fancy Gap has the highest median tax bill in the county at $982, while Mount Airy has the lowest at $208. These variations highlight how different factors can significantly impact your property tax obligations. Understanding these elements is crucial for homeowners, as property taxes can affect overall housing affordability and long-term financial planning.
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Patrick County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ararat | $140 | $296 | $548 | $869 | $1,294 |
| Bassett | $91 | $242 | $556 | $850 | $1,268 |
| Cana | $306 | $445 | $598 | $778 | $976 |
| Claudville | $134 | $268 | $537 | $871 | $1,308 |
| Critz | $163 | $383 | $623 | $981 | $1,328 |
| Fancy Gap | $719 | $842 | $982 | $1,251 | $1,673 |
| Ferrum | $82 | $146 | $399 | $860 | $1,333 |
| Floyd | $364 | $468 | $678 | $1,386 | $1,819 |
| Hillsville | $380 | $461 | $739 | $1,129 | $1,681 |
| Meadows Of Dan | $199 | $432 | $743 | $1,112 | $1,775 |
| Mount Airy | $208 | $208 | $208 | $208 | $208 |
| Patrick Springs | $118 | $307 | $532 | $818 | $1,209 |
| Spencer | $159 | $313 | $564 | $859 | $1,188 |
| Stuart | $135 | $296 | $558 | $908 | $1,332 |
| Vesta | $369 | $369 | $369 | $369 | $369 |
| Woolwine | $147 | $370 | $644 | $1,022 | $1,459 |
Source: Ownwell