Wytheville, Virginia Property Taxes
The median property tax rate in Wytheville, 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 $151,250 in Wytheville, the typical annual property tax bill is $761, well below the national median of $2,690. Property taxes in Wytheville 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 Wytheville'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 Wytheville 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
Wytheville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$771
Ownwell’s Wytheville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wytheville with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wytheville to provide an estimate of your property tax bill. This valuable tool helps you gain a clear understanding of potential tax liabilities. For those interested in exploring trends at a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Wytheville, Virginia
Property taxes in Wytheville, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wytheville is 0.51%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Wytheville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wytheville 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 Wytheville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24382 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Wytheville 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 Wytheville 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 Wytheville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24382 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Wytheville, Virginia
In Wytheville, 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 Wytheville, 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 Wytheville 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 Wytheville, both valued at $761, are found in zip code 24382.
Average Wytheville Assessed Value
$151,250
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 Wytheville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24382 | $52,900 | $95,800 | $151,250 | $225,200 | $329,760 |
Source: Ownwell
Property Tax Bills Across Wytheville, Virginia
In Wytheville, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For homeowners in Wytheville, the median home price is $151,250. Property tax bills in the area vary significantly, with the 25th percentile at $482 and the 75th percentile reaching $1,120. At the higher end, the 90th percentile tax bill is $1,616. These tax bills are influenced by several factors, including the property's location, size, and any improvements made. The local economy and budgetary needs of the county also play a role. Compared to the national median property tax rate of 0.99%, Wytheville's property taxes can be seen as relatively moderate. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual housing costs and overall affordability.
Average Wytheville Tax Bill
$761
Average Wythe County Tax Bill
$699
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wytheville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24382 | $262 | $482 | $761 | $1,120 | $1,616 |
Source: Ownwell