Glade Spring, Virginia Property Taxes
The median property tax rate in Glade Spring, 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 Glade Spring at $109,600, the typical annual property tax bill is $811, significantly below the national median of $2,690. Property taxes in Glade Spring 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 Glade Spring'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 Glade Spring or another part of Smyth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glade Spring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$811
$753
Ownwell’s Glade Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glade Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glade Spring 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 Glade Spring, Virginia
Property taxes in Glade Spring, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Glade Spring is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Glade Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glade Spring 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 Glade Spring's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24340 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Glade Spring 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 Glade Spring 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 Glade Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24340 | 0.68% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Glade Spring, Virginia
In Glade Spring, 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 local 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 Glade Spring, 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 Glade Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $109,600, with median tax bills ranging from $619 at the 25th percentile to $1,140 at the 90th percentile. The highest and lowest median tax bills are both $811 in zip code 24340.
Average Glade Spring Assessed Value
$109,600
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 Glade Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24340 | $69,900 | $83,700 | $109,600 | $155,100 | $167,280 |
Source: Ownwell
Property Tax Bills Across Glade Spring, Virginia
In Glade Spring, located in Smyth County, VA, property tax bills are calculated based on the assessed value of a home, not its market value. The median home price in Glade Spring is $109,600. Homeowners can expect to pay a property tax bill that varies within a certain range, with the 25th percentile at $619 and the 75th percentile reaching $1,128. The 90th percentile tax bill is slightly higher at $1,140. These figures indicate that property tax bills in Glade Spring can vary significantly, depending on the assessed value of the property and the applicable tax rate. For comparison, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Glade Spring should be aware that their tax bills are influenced by local assessment practices and tax rates, which can impact their annual financial planning. Ensuring accurate assessments and understanding local tax policies can help homeowners manage their property tax obligations effectively.
Average Glade Spring Tax Bill
$811
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Glade Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24340 | $517 | $619 | $811 | $1,128 | $1,140 |
Source: Ownwell