Chilhowie, Virginia Property Taxes
The median property tax rate in Chilhowie, 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 Chilhowie at $89,000, the typical annual property tax bill is $642, significantly below the national median of $2,690. Property taxes in Chilhowie 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 Chilhowie’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 Chilhowie 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
Chilhowie, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$659
Ownwell’s Chilhowie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chilhowie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chilhowie 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 Chilhowie, Virginia
Property taxes in Chilhowie, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chilhowie is 0.74%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Chilhowie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chilhowie 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 Chilhowie's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24319 zip code 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 Chilhowie 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 Chilhowie 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 Chilhowie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24319 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Chilhowie, Virginia
In Chilhowie, 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 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 Chilhowie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Chilhowie both stand at $642.00, specifically in the 24319 zip code.
Average Chilhowie Assessed Value
$89,000
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 Chilhowie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24319 | $20,000 | $51,200 | $89,000 | $130,400 | $180,040 |
Source: Ownwell
Property Tax Bills Across Chilhowie, Virginia
In Chilhowie, property tax bills are calculated based on the assessed value of a home, which is determined by the Smyth County Assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Chilhowie can expect a median home price of $89,000, with tax bills varying significantly. For instance, the 25th percentile tax bill is $352, while the 75th percentile reaches $944, and the 90th percentile can go up to $1320. These tax bills play a crucial role in the financial planning of homeowners, as they directly impact the affordability of owning property. Compared to the national median property tax rate of 0.99%, Chilhowie's property tax rates offer a range that can be both manageable and significant, depending on the property's assessed value and the specific tax rate applied.
Average Chilhowie Tax Bill
$642
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chilhowie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24319 | $126 | $352 | $642 | $944 | $1,320 |
Source: Ownwell