Gate City, Virginia Property Taxes
The median property tax rate in Gate City, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Gate City at $99,000, the typical annual property tax bill reaches $768, significantly below the national median of $2,690. Property taxes in Gate City 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 Gate City'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 Gate City or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gate City, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$762
$707
Ownwell’s GATE CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GATE CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GATE CITY 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 Gate City, Virginia
Property taxes in Gate City, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gate City is 0.77%, lower than the U.S. national median of 0.99%. Local government entities within Gate City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gate City 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 Gate City's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24251 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Gate City provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gate City Tax Rate
0.77%
Average Scott County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gate City, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24251 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Gate City, Virginia
In Gate City, 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 Scott 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 Gate City, 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. For instance, the median home price here is $99,000, and tax bills can vary significantly. The 25th percentile tax bill is $499, while the 75th percentile reaches $1,192, and the 90th percentile climbs to $1,670. The highest and lowest median tax bills are both found in the 24251 zip code, at $768. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gate City Assessed Value
$99,000
Average Scott County Assessed Value
$95,050
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gate City, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24251 | $35,500 | $64,000 | $99,000 | $153,675 | $215,450 |
Source: Ownwell
Property Tax Bills Across Gate City, Virginia
In Gate City, VA, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the Scott County assessor's office and is intended to reflect the home's market value. For example, with a median home price of $99,000, homeowners can expect tax bills that vary depending on their property's assessed value and the local tax rate. Several factors influence the final tax bill, including property size, location, and market conditions. Homeowners in Gate City typically see tax bills ranging from $499 at the 25th percentile to $1,670 at the 90th percentile. The highest and lowest median tax bills in the area are both $768, indicating a relatively consistent tax burden across different properties. This tax structure ensures that property taxes are proportionate to the value of the home, impacting homeowners' annual expenses and potentially influencing their financial planning and decisions regarding property investments.
Average Gate City Tax Bill
$768
Average Scott County Tax Bill
$739
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Gate City, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24251 | $280 | $499 | $768 | $1,192 | $1,670 |
Source: Ownwell