Appalachia, Virginia Property Taxes
The median property tax rate in Appalachia, VA is 0.69%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Appalachia at $40,600, the typical annual property tax bill is $274, well below the national median of $2,690. Property taxes in Appalachia 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 Appalachia'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 Appalachia 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
Appalachia, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$280
$260
Ownwell’s Appalachia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Appalachia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Appalachia 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 Appalachia, Virginia
Property taxes in Appalachia, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Appalachia is 0.69%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Appalachia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Appalachia 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 Appalachia's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24216 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Appalachia provides valuable insights into the varying tax landscape across Wise County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Appalachia Tax Rate
0.69%
Average Wise County Tax Rate
0.69%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Appalachia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24216 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Appalachia, Virginia
In Appalachia, 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 local appraisal authorities 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. Assessment notices in Appalachia 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 Appalachia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Appalachia is $40,600, with the 25th percentile tax bill at $178 and the 75th percentile tax bill at $415. The highest and lowest median tax bills are both $274, found in the 24216 zip code.
Average Appalachia Assessed Value
$40,600
Average Wise County Assessed Value
$75,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Appalachia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24216 | $17,700 | $27,825 | $40,600 | $60,600 | $85,900 |
Source: Ownwell
Property Tax Bills Across Appalachia, Virginia
In Appalachia, located in Wise County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For example, the median home price in this area is $40,600. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and condition can influence the assessed value, and therefore, the tax bill. The property tax bills in Appalachia show a range of values. For instance, at the 25th percentile, homeowners can expect to pay around $178 annually, while those at the 75th percentile might pay approximately $415. At the 90th percentile, the tax bill can go up to $580. The highest and lowest median tax bill in the area are both $274 in the zip code 24216. Compared to the national median property tax rate of 0.99%, Appalachia's property taxes are relatively modest, providing some financial relief to homeowners in the region.
Average Appalachia Tax Bill
$274
Average Wise County Tax Bill
$501
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Appalachia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24216 | $97 | $178 | $274 | $415 | $580 |
Source: Ownwell