Austinville, Virginia Property Taxes
The median property tax rate in Austinvile, VA is 0.51%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Austinvile, the typical annual property tax bill is around $475, well below the national median of $2,690. Property taxes in Austinvile are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Austinvile'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 Austinvile 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
Austinville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$475
Ownwell’s Austinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Austinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Austinsville 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 Austinville, Virginia
Property taxes in Austinvile, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Austinvile is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Austinvile set these rates annually, and they can vary across different neighborhoods. Each year, Austinvile 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 Austinvile's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24312 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Austinvile provides valuable insights into the varying tax landscape across Wythe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Austinville Tax Rate
0.51%
Average Wythe County Tax Rate
0.51%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Austinville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24312 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Austinville, Virginia
In Austinsville, 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 Wythe 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 Austinsville, 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 Austinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Austinsville are both $475, found in the 24312 zip code.
Average Austinville Assessed Value
$93,150
Average Wythe County Assessed Value
$139,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Austinville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24312 | $37,450 | $56,300 | $93,150 | $144,875 | $198,200 |
Source: Ownwell
Property Tax Bills Across Austinville, Virginia
In Austinsville, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, with a median home price of $93,150, homeowners in Austinsville can expect varying tax bills. Factors such as property size, location, and improvements can influence the assessed value. The tax bill for the 25th percentile is around $287, while the 75th percentile sees bills approximately $724. The 90th percentile can go up to $996. Compared to the national median property tax rate of 0.99%, Austinsville's rates can be considered relatively moderate. These tax bills directly impact homeowners' annual budgets, making it crucial for them to understand how their property taxes are calculated and what factors contribute to their final bill.
Average Austinville Tax Bill
$475
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Austinville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24312 | $191 | $287 | $475 | $724 | $996 |
Source: Ownwell