Falls Mills, Virginia Property Taxes
The median property tax rate in Falls Mills, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $60,900 in Falls Mills, the typical annual property tax bill is $353, far below the national median of $2,690. Property taxes in Falls Mills are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Falls Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Falls Mills or another part of Tazewell County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Falls Mills, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$353
Ownwell's Falls Mills Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Falls Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falls Mills to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in neighborhood-level trends, more localized information is available below. Your property's assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Falls Mills, Virginia
Property taxes in Falls Mills, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falls Mills is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Falls Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falls Mills 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 Falls Mills' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24613 has the same median property tax rate of 0.58%, providing a consistent tax landscape within Tazewell County. Understanding how these cities compare with Falls Mills offers valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falls Mills Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falls Mills, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24613 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Falls Mills, Virginia
In Falls Mills, 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 Tazewell 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 Falls Mills, 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 Falls Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24613 has the highest median tax bill at $353, while the lowest median tax bill is also $353, indicating a uniform tax rate across the area.
Average Falls Mills Assessed Value
$60,900
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falls Mills, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24613 | $10,200 | $34,450 | $60,900 | $93,250 | $139,900 |
Source: Ownwell
Property Tax Bills Across Falls Mills, Virginia
In Falls Mills, VA, property tax bills are calculated based on the assessed value of a home rather than its market value. The median home price in the area is $60,900, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax amount, including local government budgets, school funding needs, and public service requirements. For homeowners in Falls Mills, tax bills can vary significantly. For instance, the tax bill at the 25th percentile is around $200, while at the 75th percentile, it reaches $541, and at the 90th percentile, it can go up to $811. Comparatively, the highest and lowest median tax bills in the region both stand at $353 in the zip code 24613. Understanding these factors is crucial for homeowners, as property taxes directly impact annual housing costs and can influence decisions on homeownership and budgeting.
Average Falls Mills Tax Bill
$353
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Falls Mills, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24613 | $59 | $200 | $353 | $541 | $811 |
Source: Ownwell