Surry, Surry County, Virginia Property Taxes
The median property tax rate in Surry, VA is 0.71%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Surry at $228,300, the typical annual property tax bill is $1,621, which is below the national median of $2,690. Property taxes in Surry are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Surry'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 Surry 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
Surry, Surry County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,621
$1,504
Ownwell’s Surry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Surry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Surry 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 Surry, Surry County, Virginia
Property taxes in Surry, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Surry is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Surry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Surry 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 Surry's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23883 zip code 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 areas compare with Surry 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 Surry 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 Surry, Surry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23883 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Surry, Surry County, Virginia
In Surry, 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 Surry, 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 Surry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23883 has the highest and lowest median tax bill at $1,621, highlighting the uniformity in tax assessments within the area.
Property Tax Assessment Values Across Surry, Surry County, Virginia
Source: Ownwell
$147,400
$214,400
$281,400
Average Surry Assessed Value
$228,300
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 Surry, Surry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23883 | $55,940 | $128,200 | $228,300 | $355,050 | $478,940 |
Source: Ownwell
Property Tax Bills Across Surry, Surry County, Virginia
In Surry, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property to estimate its market value. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For instance, in Surry, the median home price is $228,300. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Surry can expect varying tax bills; the 25th percentile tax bill is around $910, while those in the 75th percentile pay approximately $2,521. At the higher end, the 90th percentile tax bill reaches up to $3,400. Compared to the national median property tax rate of 0.99%, Surry’s property tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors is crucial for homeowners to manage their finances and anticipate their annual property tax obligations.
Average Surry Tax Bill
$1,621
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Surry, Surry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23883 | $397 | $910 | $1,621 | $2,521 | $3,400 |
Source: Ownwell