Damascus, Virginia Property Taxes
The median property tax rate in Damascus, VA is 0.74%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Damascus at $84,400, the typical annual property tax bill amounts to $613, significantly below the national median of $2,690. Property taxes in Damascus 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 Damascus'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 Damascus or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Damascus, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$625
Ownwell’s Damascus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Damascus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Damascus 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 Damascus, Virginia
Property taxes in Damascus, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Damascus is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Damascus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Damascus 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 Damascus's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24236 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Damascus 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 Damascus 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 Damascus, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24236 | 0.73% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Damascus, Virginia
In Damascus, 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. In Damascus, 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 Damascus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24236 has the highest median tax bill at $613, while the lowest median tax bill is also $613 in the same zip code.
Average Damascus Assessed Value
$84,400
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 Damascus, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24236 | $11,950 | $35,575 | $84,400 | $121,200 | $153,700 |
Source: Ownwell
Property Tax Bills Across Damascus, Virginia
In Damascus, VA, property tax bills are determined by assessing the value of a homeowner's property and applying the local tax rate to this assessed value. With a median home price of $84,400, the tax rate is applied to calculate the annual tax bill. Factors such as property location, improvements, and market conditions are considered in the assessment process. Homeowners in Damascus can expect tax bills that vary widely, with the 25th percentile at $211 and the 75th percentile at $897. For those at the 90th percentile, tax bills can reach up to $1,137. The highest and lowest median tax bills in the area are both $613, indicating a relatively consistent tax burden within the zip code 24236. Compared to the national median property tax rate of 0.99%, Damascus offers a more affordable tax environment, which can significantly impact homeowners by lowering their annual financial obligations and potentially making homeownership more accessible.
Average Damascus Tax Bill
$613
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Damascus, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24236 | $74 | $211 | $613 | $897 | $1,137 |
Source: Ownwell