Broadford, Virginia Property Taxes
The median property tax rate in Broadford, VA 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 Broadford at $61,800, the typical annual property tax bill amounts to $457, significantly less than the national median of $2,690. Property taxes in Broadford are determined 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. Gaining a thorough understanding of Broadford's property tax system, exploring the available exemptions, and identifying potential opportunities for reductions can result in substantial annual savings. Whether you're situated in the heart of Broadford or another part of Smyth County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broadford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$457
$424
Ownwell’s Broadford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadford 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 Broadford, Virginia
Property taxes in Broadford, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadford is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Broadford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadford 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 Broadford's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24316 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 Broadford provides valuable insights into the varying tax landscape across Smyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadford Tax Rate
0.74%
Average Smyth County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24316 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Broadford, Virginia
In Broadford, 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 Smyth 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. Assessment notices in Broadford 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 Broadford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $457 in the 24316 zip code, which is also the area with the lowest median tax bill.
Average Broadford Assessed Value
$61,800
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 Broadford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24316 | $22,110 | $31,875 | $61,800 | $97,100 | $116,540 |
Source: Ownwell
Property Tax Bills Across Broadford, Virginia
In Broadford, property tax bills are calculated based on the assessed value of a home, which is determined by the Smyth County assessor's office. The median home price in Broadford is $61,800, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Broadford, the tax bill can vary significantly. At the 25th percentile, the tax bill is approximately $236, while at the 75th percentile, it rises to about $719. The 90th percentile tax bill reaches $862. These variations highlight how different property values and assessments can impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Broadford's tax rates result in relatively modest tax bills, making it an attractive location for property ownership.
Average Broadford Tax Bill
$457
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24316 | $164 | $236 | $457 | $719 | $862 |
Source: Ownwell