Draper, Virginia Property Taxes
The median property tax rate in Draper, VA is 0.51%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Draper at $172,050, the typical annual property tax bill is $869, significantly below the national median of $2,690. Property taxes in Draper 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 Draper'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 Draper or another part of Wythe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Draper, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$877
Ownwell’s Draper Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Draper with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Draper to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in exploring trends at a neighborhood level, more localized information is available by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Draper, Virginia
Property taxes in Draper, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Draper is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Draper set these rates annually, and they can vary significantly across different neighborhoods. Each year, Draper 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 Draper's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24324 zip code has the highest median property tax rate of 0.51%, while the 24324 zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Draper 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 Draper 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 Draper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24324 | 0.50% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Draper, Virginia
In Draper, 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. Assessment notices in Draper 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 Draper helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Draper is $172,050, with median tax bills ranging from $509 at the 25th percentile to $1,813 at the 90th percentile. The zip code with the highest and lowest median tax bill is 24324, both at $869.
Average Draper Assessed Value
$172,050
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 Draper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24324 | $48,060 | $99,750 | $172,050 | $258,100 | $401,070 |
Source: Ownwell
Property Tax Bills Across Draper, Virginia
In Draper, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Wythe County tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition are considered during the assessment process. For homeowners, understanding their property tax bill is crucial as it directly impacts their annual expenses. In Draper, the median home price is $172,050, and property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $509, while at the 75th percentile, it reaches around $1278. The 90th percentile sees tax bills as high as $1813. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating Draper's rates. Homeowners in Draper should be aware of these figures to better manage their finances and anticipate annual property tax obligations.
Average Draper Tax Bill
$869
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Draper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24324 | $245 | $509 | $869 | $1,278 | $1,813 |
Source: Ownwell