Rural Retreat, Virginia Property Taxes
The median property tax rate in Rural Retreat, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $70,350 in Rural Retreat, the typical annual property tax bill is $503, significantly less than the national median of $2,690. Property taxes in Rural Retreat are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Rural Retreat's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Rural Retreat 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
Rural Retreat, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$521
Ownwell’s RURAL RETREAT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RURAL RETREAT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RURAL RETREAT 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 Rural Retreat, Virginia
Property taxes in Rural Retreat, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rural Retreat is 0.74%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Rural Retreat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rural Retreat 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 Rural Retreat's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24368 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 Rural Retreat 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 Rural Retreat 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 Rural Retreat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24368 | 0.68% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Rural Retreat, Virginia
In Rural Retreat, 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 Rural Retreat, 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 Rural Retreat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rural Retreat is $70,350, with tax bills ranging from $213 at the 25th percentile to $1,091 at the 90th percentile. The zip code 24368 has the highest and lowest median tax bill, both at $503.
Average Rural Retreat Assessed Value
$70,350
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 Rural Retreat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24368 | $14,940 | $30,950 | $70,350 | $107,350 | $148,580 |
Source: Ownwell
Property Tax Bills Across Rural Retreat, Virginia
In Rural Retreat, property tax bills are determined by assessing the value of a home and applying the local tax rate to this assessed value. The assessed value is typically a percentage of the market value of the property. For example, with a median home price of $70,350, the tax bill can vary significantly depending on the property's assessed value and the specific tax rate applied. Homeowners in Rural Retreat can expect their tax bills to range widely. At the 25th percentile, the tax bill is around $213, while at the 75th percentile, it climbs to $768. For those at the 90th percentile, the tax bill could reach up to $1,091. These figures show how property taxes can impact household budgets. The highest and lowest median tax bills in the area are both $503, indicating a consistent rate within the zip code 24368. Understanding how these factors interplay helps homeowners anticipate their annual property tax obligations, ensuring they are better prepared for their financial responsibilities.
Average Rural Retreat Tax Bill
$503
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rural Retreat, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24368 | $96 | $213 | $503 | $768 | $1,091 |
Source: Ownwell