Sugar Grove, Virginia Property Taxes
The median property tax rate in Sugar Grove, VA is 0.74%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Sugar Grove at $54,500, the typical annual property tax bill amounts to $384, significantly below the national median of $2,690. Property taxes in Sugar Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Sugar Grove'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 Sugar Grove 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
Sugar Grove, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Sugar Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sugar Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sugar Grove 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 Sugar Grove, Virginia
Property taxes in Sugar Grove, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sugar Grove is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Sugar Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sugar Grove 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 Sugar Grove's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24375 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Sugar Grove 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 Sugar Grove 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 Sugar Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24375 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Sugar Grove, Virginia
In Sugar Grove, 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 Sugar Grove, 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. The median home price in Sugar Grove is $54,500, with tax bills ranging from $126 at the 25th percentile to $898 at the 90th percentile. The highest and lowest median tax bills both stand at $384 in the zip code 24375. 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 Sugar Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sugar Grove Assessed Value
$54,500
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 Sugar Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24375 | $10,000 | $17,800 | $54,500 | $89,200 | $124,020 |
Source: Ownwell
Property Tax Bills Across Sugar Grove, Virginia
In Sugar Grove, Virginia, property tax bills are calculated based on the assessed value of a home. The median home price in Sugar Grove is $54,500, which plays a significant role in determining the tax bill. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Sugar Grove, tax bills can vary widely. For instance, those in the 25th percentile pay around $126, while those in the 75th percentile face bills of about $653. At the 90th percentile, the tax bill can reach up to $898. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Sugar Grove might find their tax bills relatively manageable. However, the impact on homeowners can vary, with higher-valued properties incurring more substantial tax obligations. Understanding these factors can help homeowners better anticipate and manage their property tax expenses.
Average Sugar Grove Tax Bill
$384
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Sugar Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24375 | $67 | $126 | $384 | $653 | $898 |
Source: Ownwell