East Stone Gap, Virginia Property Taxes
The median property tax rate in East Stone Gap, VA is 0.69%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in East Stone Gap, the typical annual property tax bill amounts to $151, significantly under the national median of $2,690. Property taxes in East Stone Gap 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 East Stone Gap's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of East Stone Gap or another part of Wise County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
East Stone Gap, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$151
Ownwell’s East Stone Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Stone Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Stone Gap 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 East Stone Gap, Virginia
Property taxes in East Stone Gap, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Stone Gap is 0.69%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within East Stone Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Stone Gap 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 East Stone Gap's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24246 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 East Stone Gap 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 East Stone Gap 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 East Stone Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24246 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across East Stone Gap, Virginia
In East Stone Gap, 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 East Stone Gap, 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 East Stone Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $151, with the zip code 24246 reflecting this value.
Average East Stone Gap Assessed Value
$21,900
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 East Stone Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24246 | $21,900 | $21,900 | $21,900 | $21,900 | $21,900 |
Source: Ownwell
Property Tax Bills Across East Stone Gap, Virginia
In East Stone Gap, Wise County, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in East Stone Gap experience a median property tax bill of $151, which is significantly lower than the national median property tax rate of 0.99%. This lower tax bill can be attributed to the relatively low median home price of $21,900 in the area. The tax bill is determined by multiplying the assessed value by the local tax rate, which is applied uniformly across properties in the region. Factors such as property improvements, market trends, and neighborhood developments can influence the assessed value, thereby affecting the tax bill. For homeowners, this means that any changes in the property's market value could lead to adjustments in their annual property tax obligations. Overall, East Stone Gap offers a more affordable property tax environment compared to many other regions in the United States.
Average East Stone Gap Tax Bill
$151
Average Wise County Tax Bill
$501
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across East Stone Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24246 | $151 | $151 | $151 | $151 | $151 |
Source: Ownwell