Hillsville, Virginia Property Taxes
The median property tax rate in Hillsville, VA, is 0.73%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hillsville, the typical annual property tax bill reaches $739, significantly below the national median of $2,690. Property taxes in Hillsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsville'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 Hillsville 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
Hillsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$739
$686
Ownwell’s Hillsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsville 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 Hillsville, Virginia
Property taxes in Hillsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsville is 0.56%, which is significantly lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Hillsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsville 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 Hillsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24343 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Hillsville provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsville Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Hillsville, Virginia
In Hillsville, 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 local 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 Hillsville, 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. For instance, the median property tax bill in Hillsville is $739, with the highest and lowest median tax bills both recorded at $739 in the zip code 24343. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillsville Assessed Value
$101,300
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 Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | $52,080 | $63,100 | $101,300 | $154,650 | $230,320 |
Source: Ownwell
Property Tax Bills Across Hillsville, Virginia
In Hillsville, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, reflecting its worth in the real estate market. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, location, condition, and any improvements or renovations. For homeowners in Hillsville, the median home price is $101,300, and the median property tax bill is $739 annually. This rate is significantly lower than the national median property tax rate of 0.99%, offering some financial relief to local homeowners. The tax bills can vary widely, with the 25th percentile at $461 and the 75th percentile at $1,129, showing a range of what homeowners might expect to pay. At the higher end, the 90th percentile tax bill reaches $1,681. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Hillsville Tax Bill
$739
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | $380 | $461 | $739 | $1,129 | $1,681 |
Source: Ownwell