These 11 Towns In Virginia Take The Least Amount Of Your Money
Although tax season is long gone and the next one has yet to begin, taxes are never far from our minds – especially when elections are looming. With that thought in mind, we thought we’d take a closer look at property taxes in Virginia.
You may or may not know that Virginia does not have a set state property tax, rather, each individual county or city government is responsible for establishing their own tax rates. According to Tax Rates, an online tax resource, Virginians pay an average of $1,862 a year in personal property tax (based on a median property home value of $252,600). This means that we pay an average tax rate of 0.74% or 2.53% of our median income of $73,565. While that may sound pretty steep, Virginia actually has one of the nation’s lower average tax rates.
By looking at each city and county’s median house value, combined with the percentage of tax assessed on that property value, Tax Rates provides a breakdown of every local tax rate in Virginia. Considering that the highest property tax in the state occurs in Fall Church City where an average of $6,005, or 0.94% of median property value, is paid annually, it’s pretty impressive that these 11 counties all come in at $500 or less.
We’re aware that these uncertain times are limiting many aspects of life as we all practice social and physical distancing. While we’re continuing to feature destinations that make our state wonderful, we don’t expect or encourage you to go check them out immediately. We believe that supporting local attractions is important now more than ever and we hope our articles inspire your future adventures! And on that note, please nominate your favorite local business that could use some love right now: https://www.onlyinyourstate.com/nominate/
As you can see, some places have higher percentages that they pay, but due to lower housing costs, the annual amounts come out lower – or higher – depending on the combination. Do you live in any of these counties? How about the taxes where you live? Do you feel that they are fair? We would love to hear your thoughts in the comments below!