Smyth County, Virginia Property Taxes
The median property tax rate in Smyth County is 0.74%, 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 Smyth County, the typical annual property tax bill is $522, significantly less than the national median of $2,690. Property taxes in Smyth County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Smyth County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Marion or another part of Smyth County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smyth County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$533
$494
Ownwell’s Smyth County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smyth County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Smyth County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Smyth County, Virginia
Property taxes in Smyth County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Smyth County is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Smyth County set these rates annually, and they can vary significantly between different areas within the county. Each year, Smyth County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Smyth County's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Atkins has one of the higher property tax rates in Virginia at 0.74%. Analyzing how Smyth County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Smyth County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smyth County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atkins | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Broadford | N/A | N/A | N/A | N/A | N/A |
| Ceres | 0.64% | 0.74% | 0.74% | 0.74% | 0.74% |
| Chilhowie | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Damascus | 0.73% | 0.74% | 0.74% | 0.74% | 0.74% |
| Glade Spring | N/A | N/A | N/A | N/A | N/A |
| Marion | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Rural Retreat | 0.68% | 0.74% | 0.74% | 0.74% | 0.74% |
| Saltville | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Sugar Grove | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Troutdale | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Smyth County, Virginia
In Smyth County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Smyth County Appraisal District. The assessed value, however, 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. Assessment notices in Smyth County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Smyth County, Glade Spring has the highest median tax bill at $811, while Troutdale has the lowest at $335. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Smyth County Assessed Value
$72,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smyth County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atkins | $17,970 | $41,875 | $69,700 | $104,425 | $139,060 |
| Broadford | N/A | N/A | N/A | N/A | N/A |
| Ceres | $10,250 | $23,850 | $58,000 | $95,575 | $117,060 |
| Chilhowie | $20,000 | $51,200 | $89,000 | $130,400 | $180,040 |
| Damascus | $11,950 | $35,575 | $84,400 | $121,200 | $153,700 |
| Glade Spring | N/A | N/A | N/A | N/A | N/A |
| Marion | $22,040 | $47,100 | $78,900 | $117,250 | $165,620 |
| Rural Retreat | $14,940 | $30,950 | $70,350 | $107,350 | $148,580 |
| Saltville | $13,000 | $26,000 | $47,500 | $83,025 | $125,200 |
| Sugar Grove | $10,000 | $17,800 | $54,500 | $89,200 | $124,020 |
| Troutdale | $14,430 | $28,275 | $45,650 | $85,550 | $122,370 |
Source: Ownwell
Property Tax Bills Across Smyth County, Virginia
In Smyth County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value considers various factors, including the property's market value, location, and any improvements made. Homeowners in Smyth County experience a range of property tax bills, with the 25th percentile at $263 and the 75th percentile at $804. The 90th percentile tax bill can reach up to $1147, indicating a significant variation depending on the property's assessed value. The median home price in Smyth County is $72,000, and the property tax rate is a crucial factor for homeowners. Compared to the national median property tax rate of 0.99%, Smyth County's tax bills reflect the local economic conditions and property values. Cities within the county, like Glade Spring and Troutdale, show further variation, with the highest median tax bill at $811 and the lowest at $335, respectively. These differences highlight the importance of understanding local tax assessments and their impact on homeowners' financial responsibilities.
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Smyth County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atkins | $118 | $301 | $512 | $764 | $1,013 |
| Broadford | N/A | N/A | N/A | N/A | N/A |
| Ceres | $50 | $150 | $428 | $698 | $868 |
| Chilhowie | $126 | $352 | $642 | $944 | $1,320 |
| Damascus | $74 | $211 | $613 | $897 | $1,137 |
| Glade Spring | N/A | N/A | N/A | N/A | N/A |
| Marion | $148 | $333 | $576 | $858 | $1,215 |
| Rural Retreat | $96 | $213 | $503 | $768 | $1,091 |
| Saltville | $85 | $186 | $343 | $608 | $914 |
| Sugar Grove | $67 | $126 | $384 | $653 | $898 |
| Troutdale | $98 | $199 | $335 | $625 | $882 |
Source: Ownwell