Speedwell, Virginia Property Taxes
The median property tax rate in Speedwell, 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 Speedwell at $106,500, the typical annual property tax bill is $532, well below the national median of $2,690. Property taxes in Speedwell 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 Speedwell'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 Speedwell 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
Speedwell, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$543
Ownwell’s Speedwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Speedwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Speedwell 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 Speedwell, Virginia
Property taxes in Speedwell, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Speedwell is 0.51%, notably lower than the U.S. national median of 0.99%. Local government entities within Speedwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Speedwell 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 Speedwell's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24374 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 areas compare with Speedwell 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 Speedwell 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 Speedwell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24374 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Speedwell, Virginia
In Speedwell, 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 Speedwell, 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 Speedwell 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 $532.00 in the 24374 zip code, which is the same as the lowest median tax bill.
Average Speedwell Assessed Value
$106,500
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 Speedwell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24374 | $25,300 | $58,000 | $106,500 | $170,900 | $253,900 |
Source: Ownwell
Property Tax Bills Across Speedwell, Virginia
In Speedwell, VA, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Speedwell can expect their property tax bills to vary, with the 25th percentile tax bill at $289 and the 75th percentile reaching up to $831. For those in the 90th percentile, tax bills can climb to $1,263. The median home price in Speedwell is $106,500, which provides a benchmark for understanding typical tax bills in the area. Compared to the national median property tax rate of 0.99%, Speedwell's property taxes are relatively moderate, offering some relief to homeowners. The highest and lowest median tax bills in Speedwell are both recorded at $532, indicating a level of consistency in tax assessments across the city. These factors collectively influence how much homeowners pay annually, impacting their overall financial planning and housing affordability.
Average Speedwell Tax Bill
$532
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Speedwell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24374 | $116 | $289 | $532 | $831 | $1,263 |
Source: Ownwell