Abingdon, Virginia Property Taxes
The median property tax rate in Abingdon, VA, is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Abingdon at $154,800, the typical annual property tax bill amounts to $896, well below the national median of $2,690. Property taxes in Abingdon are determined based on the tax assessed value, which often remains below the market value due to various exemptions such as those for primary residences and agricultural properties. By gaining a thorough understanding of Abingdon's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Abingdon or investing in the area, comprehending the local property tax structure is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Abingdon, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Abingdon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Abingdon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Abingdon 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 Abingdon, Virginia
Property taxes in Abingdon, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Abingdon is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Abingdon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Abingdon 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 Abingdon's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24210 zip code has the highest median property tax rate of 0.60%, while the 24210 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Abingdon provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Abingdon Tax Rate
0.60%
Average Washington County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Abingdon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24210 | 0.49% | 0.60% | 0.60% | 0.60% | 0.60% |
| 24211 | 0.53% | 0.60% | 0.60% | 0.60% | 0.60% |
| 24212 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Abingdon, Virginia
In Abingdon, 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 Washington 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 Abingdon, 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 Abingdon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Abingdon is $1,267 in the 24212 zip code, while the lowest median tax bill is $795 in the 24210 zip code.
Average Abingdon Assessed Value
$154,800
Average Washington County Assessed Value
$132,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Abingdon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24210 | $58,960 | $90,100 | $137,700 | $195,300 | $278,100 |
| 24211 | $78,090 | $120,600 | $188,000 | $277,725 | $400,920 |
| 24212 | $211,100 | $211,100 | $211,100 | $211,100 | $211,100 |
Source: Ownwell
Property Tax Bills Across Abingdon, Virginia
In Abingdon, Washington County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Abingdon can expect their tax bills to vary significantly depending on the value of their property. For example, the tax bill for the 25th percentile is $566, while for the 75th percentile, it rises to $1332. Those in the 90th percentile see tax bills as high as $1955. Several factors influence these calculations, including the property's location, size, and condition. The highest median tax bill in Washington County is $1267, found in the 24212 zip code, while the lowest median tax bill is $795 in the 24210 zip code. Compared to the national median property tax rate of 0.99%, Abingdon's tax rates can vary, affecting homeowners' annual financial planning and overall cost of living.
Average Abingdon Tax Bill
$896
Average Washington County Tax Bill
$753
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Abingdon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24210 | $312 | $515 | $795 | $1,135 | $1,594 |
| 24211 | $426 | $684 | $1,092 | $1,621 | $2,331 |
| 24212 | $1,267 | $1,267 | $1,267 | $1,267 | $1,267 |
Source: Ownwell