Spring Grove, Virginia Property Taxes
The median property tax rate in Spring Grove, VA is 0.71%, 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 $183,300 in Spring Grove, the typical annual property tax bill is $1,301, significantly below the national median of $2,690. Property taxes in Spring Grove 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 Spring Grove'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 Spring Grove 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
Spring Grove, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,301
Ownwell’s SPRING GROVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING GROVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING 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 Spring Grove, Virginia
Property taxes in Spring Grove, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Grove is 0.71%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Spring Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring 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 Spring Grove's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23881 zip code has the highest median property tax rate of 0.71%, while the same 23881 zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Spring Grove 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 Spring Grove 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 Spring Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23881 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Spring Grove, Virginia
In Spring 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 Surry 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 Spring 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. 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 Spring Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23881 has the highest and lowest median tax bill at $1,301, compared to the national median property tax rate of 0.99%.
Average Spring Grove Assessed Value
$183,300
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 Spring Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23881 | $41,800 | $101,400 | $183,300 | $310,100 | $443,000 |
Source: Ownwell
Property Tax Bills Across Spring Grove, Virginia
In Spring Grove, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Spring Grove, the median home price is $183,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $720 and the 75th percentile reaching $2,202, while the 90th percentile soars to $3,145. These variations highlight the impact of differing property values and tax rates within the area. Compared to the national median property tax rate of 0.99%, Spring Grove's tax rate can result in a range of financial burdens for homeowners. Understanding these factors is crucial for homeowners as they budget for annual expenses and consider the long-term affordability of their property.
Average Spring Grove Tax Bill
$1,301
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Grove, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23881 | $297 | $720 | $1,301 | $2,202 | $3,145 |
Source: Ownwell