Smithfield, Virginia Property Taxes
The median property tax rate in Smithfield, VA is 0.71%, 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 Smithfield at $281,400, the typical annual property tax bill amounts to $1,998, falling below the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield 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
Smithfield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,998
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Virginia
Property taxes in Smithfield, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 0.71%, lower than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23430 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Smithfield provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
0.71%
Average Surry County Tax Rate
0.71%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Virginia
In Smithfield, 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 Surry County Assessor 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Smithfield are both $1998, found in the 23430 zip code.
Average Smithfield Assessed Value
$281,400
Average Surry County Assessed Value
$193,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | $122,100 | $177,625 | $281,400 | $384,750 | $462,300 |
Source: Ownwell
Property Tax Bills Across Smithfield, Virginia
In Smithfield, VA, located in Surry County, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate set by the county authorities. For homeowners in Smithfield, the median home price is $281,400, which significantly impacts the property tax bill. For instance, at the 25th percentile, homeowners might pay around $1,261, while those at the 75th percentile could see bills up to $2,732. At the 90th percentile, the tax bill can reach as high as $3,282. The highest and lowest median tax bills in Smithfield both stand at $1,998, reflecting a consistent tax environment within the area. Compared to the national median property tax rate of 0.99%, Smithfield's rates provide a balanced approach, ensuring that property taxes are manageable for most homeowners while still supporting essential community services.
Average Smithfield Tax Bill
$1,998
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | $867 | $1,261 | $1,998 | $2,732 | $3,282 |
Source: Ownwell