Hillsville, Virginia Property Taxes
The median property tax rate in Hillsville, VA is 0.51%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $122,200 in Hillsville, the typical annual property tax bill is $623, far below the national median of $2,690. Property taxes in Hillsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hillsville'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 Hillsville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$623
Ownwell’s Hillsville Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hillsville using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate specific to Hillsville to project your property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in exploring trends on a more localized level, additional neighborhood-specific information is available below. Your property’s assessed value is the figure determined by the county for property tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Hillsville, Virginia
Property taxes in Hillsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsville is 0.51%, which is notably lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hillsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsville 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 Hillsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24343 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Hillsville 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 Hillsville 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 Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Hillsville, Virginia
In Hillsville, 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 Hillsville, 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 Hillsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $623 in zip code 24343, which is also the lowest median tax bill.
Average Hillsville Assessed Value
$122,200
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 Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | $29,160 | $90,600 | $122,200 | $196,500 | $255,980 |
Source: Ownwell
Property Tax Bills Across Hillsville, Virginia
In Hillsville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Hillsville, the median home price is $122,200. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $459, while the 75th percentile tax bill is $990, and the 90th percentile tax bill reaches $1305. These figures indicate that tax bills can range widely depending on the assessed value of the property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Hillsville's property tax bills reflect the local economic conditions and property values. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall cost of homeownership.
Average Hillsville Tax Bill
$623
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24343 | $149 | $459 | $623 | $990 | $1,305 |
Source: Ownwell