Draper, Virginia Property Taxes
The median property tax rate in Draper, VA is 0.74%, 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 $125,050 in Draper, the typical annual property tax bill is $922, significantly less than the national median of $2,690. Property taxes in Draper are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Draper's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Draper or another part of Pulaski County, gaining a comprehensive understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Draper, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$925
$859
Ownwell’s Draper Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Draper with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Draper 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 Draper, Virginia
Property taxes in Draper, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Draper is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Draper set these rates annually, and they can vary significantly across different neighborhoods. Each year, Draper 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 Draper's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24324 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Draper provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Draper Tax Rate
0.74%
Average Pulaski County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Draper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24324 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Draper, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Draper, 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 the Pulaski 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 Draper, 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 Draper is $125,050. 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 Draper helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the zip code 24324 is $922, which is the same for both the highest and lowest tax bills in the area.
Average Draper Assessed Value
$125,050
Average Pulaski County Assessed Value
$120,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Draper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24324 | $32,150 | $70,175 | $125,050 | $209,825 | $324,850 |
Source: Ownwell
Property Tax Bills Across Draper, Virginia
In Draper, Pulaski County, VA, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by local assessors who evaluate the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $125,050, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $504, while at the 75th percentile, they can rise to $1,536. For those at the 90th percentile, tax bills can reach up to $2,395. These figures indicate that property taxes in Draper can vary widely depending on the home's assessed value and the specific tax rate applied. Understanding how these factors interplay is crucial for homeowners as it directly impacts their annual financial obligations. Compared to the national median property tax rate of 0.99%, the property tax rates in Draper can significantly influence a homeowner's budget and long-term financial planning.
Average Draper Tax Bill
$922
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Draper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24324 | $223 | $504 | $922 | $1,536 | $2,395 |
Source: Ownwell