Green Bay, Virginia Property Taxes
The median property tax rate in Green Bay, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $109,700 in Green Bay, the typical annual property tax bill amounts to $527, much less than the national median of $2,690. Property taxes in Green Bay 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 Green Bay'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 Green Bay 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
Green Bay, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$527
Ownwell’s Green Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Bay 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 Green Bay, Virginia
Property taxes in Green Bay, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Bay is 0.48%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Green Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Bay 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 Green Bay's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23942 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Green Bay provides valuable insights into the varying tax landscape across Prince Edward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Green Bay Tax Rate
0.48%
Average Prince Edward County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Bay, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Green Bay, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Green Bay, Virginia. The market value represents 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 local authorities 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 Green Bay, 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. The median home price in Green Bay is $109,700, and understanding these valuation concepts can help property owners better navigate their tax responsibilities. For instance, the highest median tax bill is $527 in the 23942 zip code, while the lowest median tax bill is also $527 in the same zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Green Bay Assessed Value
$109,700
Average Prince Edward County Assessed Value
$129,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Green Bay, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | $22,700 | $53,600 | $109,700 | $155,400 | $218,660 |
Source: Ownwell
Property Tax Bills Across Green Bay, Virginia
In Green Bay, VA, property tax bills are calculated based on the assessed value of a home, which is typically lower than its market value. The median home price in Green Bay is $109,700. Property taxes are then determined by applying the local tax rate to this assessed value. Homeowners in Green Bay can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $257, the 75th percentile at $746, and the 90th percentile reaching up to $1050. These tax bills are influenced by multiple factors, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Green Bay homeowners might find their tax rates relatively favorable. However, the financial impact on homeowners can still be significant, affecting monthly budgets and overall housing affordability. Understanding these factors can help homeowners better plan and manage their property-related expenses.
Average Green Bay Tax Bill
$527
Average Prince Edward County Tax Bill
$622
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Bay, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | $109 | $257 | $527 | $746 | $1,050 |
Source: Ownwell