Grottoes, Virginia Property Taxes
The median property tax rate in Grottoes, VA is 0.68%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Grottoes at $193,300, the typical annual property tax bill amounts to $1,310, significantly below the national median of $2,690. Property taxes in Grottoes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grottoes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grottoes or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grottoes, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Grottoes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grottoes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grottoes 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 Grottoes, Virginia
Property taxes in Grottoes, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grottoes is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Grottoes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grottoes 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 Grottoes' effective property tax rate to other counties in Virginia and the national median. For comparison, the 24441 zip code has the highest median property tax rate of 0.68%, while the 24441 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Grottoes provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grottoes Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grottoes, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24441 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Grottoes, Virginia
In Grottoes, 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 Rockingham 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 Grottoes, 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 Grottoes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grottoes is $193,300, with the highest and lowest median tax bills being $1,310 in the 24441 zip code.
Average Grottoes Assessed Value
$193,300
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grottoes, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24441 | $102,800 | $153,625 | $193,300 | $251,300 | $301,970 |
Source: Ownwell
Property Tax Bills Across Grottoes, Virginia
In Grottoes, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Rockingham County. The assessed value is determined by the county assessor and reflects the market value of the property. For example, the median home price in Grottoes stands at $193,300. Homeowners in Grottoes can expect their property tax bills to vary significantly. The tax bill for the 25th percentile is around $1,044, while those in the 75th percentile see bills of approximately $1,700. At the 90th percentile, tax bills can reach up to $2,053. The highest and lowest median tax bills in the area are both $1,310, indicating some uniformity within certain neighborhoods. These property taxes fund essential services such as public schools, emergency services, and infrastructure maintenance. For homeowners, understanding how these factors influence their tax bills can help in financial planning and making informed decisions about property investments.
Average Grottoes Tax Bill
$1,310
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Grottoes, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24441 | $671 | $1,044 | $1,310 | $1,700 | $2,053 |
Source: Ownwell