Wise, Virginia Property Taxes
The median property tax rate in Wise, VA is 0.69%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $95,500 in Wise, the typical annual property tax bill amounts to $645, well below the national median of $2,690. Property taxes in Wise are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wise'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 Wise or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wise, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$659
$611
Ownwell’s Wise Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wise with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wise 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 Wise, Virginia
Property taxes in Wise, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wise is 0.69%, which is below both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Wise set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wise 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 Wise's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24293 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 Wise 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 Wise 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 Wise, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24293 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Wise, Virginia
In Wise, 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 Wise 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 Wise, 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 Wise helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24293, with a median tax bill of $645.00, which is also the lowest median tax bill in the area.
Average Wise Assessed Value
$95,500
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 Wise, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24293 | $45,520 | $65,400 | $95,500 | $143,550 | $206,020 |
Source: Ownwell
Property Tax Bills Across Wise, Virginia
In Wise, VA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. For homeowners in Wise, the median home price is $95,500. Property tax bills can vary significantly, with the 25th percentile at $434 and the 75th percentile at $988. For those in the 90th percentile, the tax bill can reach up to $1,414. These figures illustrate the range of property tax burdens homeowners can expect, which can influence decisions on homeownership and property investment. Comparatively, Wise's property tax rates are lower than the national median property tax rate of 0.99%, making it a relatively affordable area for homeowners in terms of property taxes.
Average Wise Tax Bill
$645
Average Wise County Tax Bill
$501
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wise, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24293 | $276 | $434 | $645 | $988 | $1,414 |
Source: Ownwell