Troutdale, Virginia Property Taxes
The median property tax rate in Troutdale, 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 Troutdale at $45,650, the typical annual property tax bill is $335, significantly below the national median of $2,690. Property taxes in Troutdale 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 Troutdale'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 Troutdale 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
Troutdale, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$338
Ownwell’s Troutdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troutdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troutdale 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 Troutdale, Virginia
Property taxes in Troutdale, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troutdale is 0.53%, which is lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Troutdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troutdale 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 Troutdale's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24378 zip code in Smyth County has the highest median property tax rate of 0.74%, while the same 24378 zip code also records the lowest median tax rate of 0.74%. Understanding how these cities compare with Troutdale provides valuable insights into the varying tax landscape across Grayson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troutdale 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 Troutdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24378 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Troutdale, Virginia
In Troutdale, 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 Troutdale, 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 Troutdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Troutdale is $45,650, with tax bills varying significantly. The 25th percentile tax bill is $199, while the 75th percentile reaches $625. The highest median tax bill in the area is $335 in the 24378 zip code, which also has the lowest median tax bill at the same value.
Average Troutdale Assessed Value
$45,650
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 Troutdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24378 | $14,430 | $28,275 | $45,650 | $85,550 | $122,370 |
Source: Ownwell
Property Tax Bills Across Troutdale, Virginia
In Troutdale, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Troutdale is $45,650, significantly lower than the national median. Homeowners in Troutdale can expect their property tax bills to vary, with the 25th percentile at $199 and the 75th percentile reaching $625. The 90th percentile tax bill goes up to $882. These figures indicate that while some homeowners pay relatively modest amounts, others may face higher tax bills depending on their property's assessed value and specific local tax rates. The assessed value is determined by the county and reflects the market value of the property. This assessed value is then multiplied by the tax rate to calculate the annual property tax bill. For homeowners, this means that changes in property values or adjustments in tax rates can directly impact their annual expenses. Understanding these factors is crucial for effective financial planning and managing homeownership costs in Troutdale.
Average Troutdale Tax Bill
$335
Average Smyth County Tax Bill
$522
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Troutdale, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24378 | $98 | $199 | $335 | $625 | $882 |
Source: Ownwell