Glasgow, Virginia Property Taxes
The median property tax rate in Glasgow, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Glasgow, the typical annual property tax bill reaches $825, well below the national median of $2,690. Property taxes in Glasgow are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Glasgow'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 Glasgow 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
Glasgow, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$838
$777
Ownwell’s Glasgow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glasgow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glasgow 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 Glasgow, Virginia
Property taxes in Glasgow, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glasgow is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Glasgow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glasgow 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 Glasgow's effective property tax rate to other areas and the national median. For comparison, the zip code 24555 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these rates compare with Glasgow provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glasgow Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glasgow, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24555 | 0.60% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Glasgow, Virginia
In Glasgow, 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 Rockbridge 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 Glasgow, 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 Glasgow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Glasgow is $137,300, with tax bills ranging from $534 at the 25th percentile to $2,177 at the 90th percentile. The zip code 24555 has the highest and lowest median tax bill, both at $825.
Average Glasgow Assessed Value
$137,300
Average Rockbridge County Assessed Value
$223,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glasgow, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24555 | $59,500 | $92,200 | $137,300 | $226,600 | $388,600 |
Source: Ownwell
Property Tax Bills Across Glasgow, Virginia
In Glasgow, Rockbridge County, 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 a percentage of the property's market value. Homeowners in Glasgow can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $534, while the 75th percentile reaches $1,373, and the 90th percentile climbs to $2,177. The median home price in Glasgow is $137,300, which serves as a benchmark for calculating property taxes. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median property tax rate in Glasgow is notably lower than the national median of 0.99%. For homeowners, this means a relatively lower tax burden compared to other regions. Understanding these elements can help homeowners anticipate their property tax liabilities and plan their finances accordingly.
Average Glasgow Tax Bill
$825
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Glasgow, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24555 | $330 | $534 | $825 | $1,373 | $2,177 |
Source: Ownwell