Barren Springs, Virginia Property Taxes
The median property tax rate in Barren Springs, 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 Barren Springs, the typical annual property tax bill reaches $568, which is well below the national median of $2,690. Property taxes in Barren Springs 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 Barren Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Barren Springs 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
Barren Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$569
$528
Ownwell’s Barren Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barren Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barren Springs 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 Barren Springs, Virginia
Property taxes in Barren Springs, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barren Springs is 0.51%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Barren Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barren Springs 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 Barren Springs' effective property tax rate to other counties in Virginia and the national median. For comparison, the 24313 zip code has the highest median property tax rate of 0.51%, while the 24313 zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Barren Springs 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 Barren Springs 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 Barren Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24313 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Barren Springs, Virginia
In Barren Springs, 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 Barren Springs, 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 Barren Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $111,500, with tax bills ranging from $294 at the 25th percentile to $1,058 at the 90th percentile. The highest and lowest median tax bills are both $568, found in zip code 24313.
Property Tax Assessment Values Across Barren Springs, Virginia
Source: Ownwell
$90,450
$131,250
$172,050
Average Barren Springs Assessed Value
$111,500
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 Barren Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24313 | $23,460 | $58,250 | $111,500 | $146,750 | $208,220 |
Source: Ownwell
Property Tax Bills Across Barren Springs, Virginia
In Barren Springs, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Wythe County tax assessor. The median home price in Barren Springs is $111,500, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Barren Springs can expect their property tax bills to vary. For example, the tax bill at the 25th percentile is $294, while the 75th percentile reaches $748. At the 90th percentile, homeowners might see a bill as high as $1,058. Comparing this to the national median property tax rate of 0.99%, Barren Springs offers a relatively moderate property tax environment. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how property tax bills are calculated helps homeowners budget accordingly and recognize the value these taxes bring to their community.
Average Barren Springs Tax Bill
$568
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Barren Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24313 | $120 | $294 | $568 | $748 | $1,058 |
Source: Ownwell