Woolwine, Virginia Property Taxes
The median property tax rate in Woolwine, VA is 0.73%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Woolwine at $88,200, the typical annual property tax bill amounts to $644, significantly below the national median of $2,690. Property taxes in Woolwine are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Woolwine'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 Woolwine 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
Woolwine, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$644
$597
Ownwell’s Woolwine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woolwine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woolwine 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 Woolwine, Virginia
Property taxes in Woolwine, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woolwine is 0.73%, which is below the U.S. national median of 0.99%. Local government entities within Woolwine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woolwine 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 Woolwine's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24185 zip code 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 cities compare with Woolwine 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 Woolwine 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 Woolwine, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24185 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Woolwine, Virginia
In Woolwine, 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 Woolwine, 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. The median home price in Woolwine is $88,200, with tax bills ranging from $370 at the 25th percentile to $1,459 at the 90th percentile. Notably, the zip code 24185 records the highest and lowest median tax bills at $644. Being aware of these valuation processes in Woolwine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woolwine Assessed Value
$88,200
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 Woolwine, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24185 | $20,100 | $50,650 | $88,200 | $140,000 | $199,900 |
Source: Ownwell
Property Tax Bills Across Woolwine, Virginia
In Woolwine, VA, property tax bills are calculated based on the assessed value of the home, which is determined by local tax assessors. For homeowners in Patrick County, the median home price is $88,200. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Woolwine can expect a property tax bill that varies significantly. For instance, the 25th percentile tax bill is around $370, while the 75th percentile reaches $1,022. At the 90th percentile, the tax bill can be as high as $1,459. The highest and lowest median tax bills in the area both stand at $644, corresponding to the zip code 24185. Compared to the national median property tax rate of 0.99%, Woolwine's property taxes can be quite variable, impacting homeowners differently based on their specific property assessments.
Average Woolwine Tax Bill
$644
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Woolwine, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24185 | $147 | $370 | $644 | $1,022 | $1,459 |
Source: Ownwell