Patrick Springs, Patrick County, Virginia Property Taxes
The median property tax rate in Patrick Springs, VA is 0.73%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $72,900 in Patrick Springs, the typical annual property tax bill is $532, well below the national median of $2,690. Property taxes in Patrick Springs are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Patrick Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Patrick Springs or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Patrick Springs, Patrick County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$532
$494
Ownwell’s Patrick Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patrick Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patrick Springs 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 Patrick Springs, Patrick County, Virginia
Property taxes in Patrick Springs, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patrick Springs is 0.73%, which is lower than both the Virginia state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Patrick Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patrick Springs 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 Patrick Springs' effective property tax rate to other counties in Virginia and the national median. For comparison, the 24133 zip code has both the highest and lowest median property tax rate in the area, at 0.73%. Understanding how these cities compare with Patrick Springs provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patrick Springs 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 Patrick Springs, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24133 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Patrick Springs, Patrick County, Virginia
In Patrick Springs, 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 Patrick 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 Patrick Springs, 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 Patrick Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24133 has both the highest and lowest median tax bill, valued at $532.
Property Tax Assessment Values Across Patrick Springs, Patrick County, Virginia
Source: Ownwell
$54,700
$94,625
$134,550
Average Patrick Springs Assessed Value
$72,900
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 Springs, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24133 | $16,150 | $42,075 | $72,900 | $112,100 | $165,650 |
Source: Ownwell
Property Tax Bills Across Patrick Springs, Patrick County, Virginia
In Patrick Springs, VA, 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 then multiplied by the local tax rate to determine the annual property tax bill. For instance, with the median home price in Patrick Springs being $72,900, homeowners can expect varying tax bills based on specific factors and exemptions. Factors that influence the tax bill include property size, location, and any applicable exemptions. For example, tax bills in Patrick Springs range widely, with the 25th percentile at $307 and the 75th percentile at $818, reflecting the diversity in property values and applicable exemptions. Higher-end properties can see tax bills up to $1,209. Comparatively, the median property tax rate in Patrick Springs aligns closely with the national median rate of 0.99%. This means homeowners in Patrick Springs experience property tax bills that are generally consistent with national averages, making it crucial for them to understand their property's assessed value and potential exemptions to manage their tax obligations effectively.
Average Patrick Springs Tax Bill
$532
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Patrick Springs, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24133 | $118 | $307 | $532 | $818 | $1,209 |
Source: Ownwell