Spring Grove, Virginia Property Taxes
The median property tax rate in Spring Grove, VA is 0.75%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $272,650 in Spring Grove, the typical annual property tax bill amounts to $2,043, falling below the national median of $2,690. Property taxes in Spring Grove are determined based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. By understanding Spring Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Spring Grove or another part of Prince George County, a thorough grasp of the local property tax system will provide substantial benefits.
Last Updated June 14, 2024
Spring Grove, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$2,045
Ownwell’s Spring Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Grove 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 Spring Grove, Virginia
Property taxes in Spring Grove, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Grove is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Spring Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Grove 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 Spring Grove's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23881 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Spring Grove provides valuable insights into the varying tax landscape across Prince George County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Grove Tax Rate
0.75%
Average Prince George County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23881 | 0.74% | 0.74% | 0.75% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Spring Grove, Virginia
In Spring Grove, 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 Spring Grove, 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 Spring Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23881 has the highest and lowest median tax bill at $2,043.
Average Spring Grove Assessed Value
$272,650
Average Prince George County Assessed Value
$279,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23881 | $127,600 | $181,175 | $272,650 | $355,225 | $438,690 |
Source: Ownwell
Property Tax Bills Across Spring Grove, Virginia
In Spring Grove, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Spring Grove, the median home price is $272,650. Property tax rates in this region can lead to varying tax bills, with those in the 25th percentile paying around $1,332, while those in the 75th percentile might see bills closer to $2,669. The 90th percentile can reach up to $3,281. These tax bills are influenced by factors such as property location, home size, and market conditions. Homeowners in Spring Grove should be aware that their tax obligations can significantly impact their annual budget. With the national median property tax rate at 0.99%, Spring Grove's rates reflect local economic conditions and municipal funding requirements, directly affecting the financial responsibilities of its residents.
Average Spring Grove Tax Bill
$2,043
Average Prince George County Tax Bill
$2,102
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23881 | $928 | $1,332 | $2,043 | $2,669 | $3,281 |
Source: Ownwell