Property Taxes in Hot Springs, Virginia
Median Hot Springs, Virginia effective property tax rate: 0.73%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Hot Springs, Virginia home value: $116,700
Median annual Hot Springs, Virginia tax bill: $833, lower than the national median property tax bill of $2,400.
How are property taxes in Alleghany calculated?
Property taxes in Hot Springs, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Hot Springs's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hot Springs, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Hot Springs Property Tax Calculator Work?
Use this Hot Springs property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Hot Springs' median effective tax rate of 0.73% — based on actual property records in Alleghany County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment process uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Hot Springs' median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Hot Springs: rates are 0.73% in 24445, primarily due to differences in school district levies and local assessment districts. Hot Springs' median effective tax rate is lower than the 1.02% national median property tax rate and lower than the 0.90% Virginia median tax rate. The median property tax bill is $833, which is $1,567 lower than the national median property tax bill.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Hot Springs.
About Hot Springs Property Taxes
About Property Taxes in Hot Springs, Alleghany, Virginia
Hot Springs's median effective property tax rate of 0.73% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Alleghany County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Hot Springs. Homeowners in the 24445 ZIP code carry a median effective rate of 0.73%, while those in the same ZIP code also pay 0.73%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Alleghany County. Understanding which part of Hot Springs you live in can make a meaningful difference to your annual tax bill.
Hot Springs homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before June 1, 2026.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Hot Springs, Alleghany County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Hot Springs's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hot Springs Tax Rate
0.73%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Alleghany County Tax Rate
0.73%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Hot Springs, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Alleghany County, Virginia
When examining property taxes in Hot Springs, Virginia, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Alleghany County assessment office estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Alleghany County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of January.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Hot Springs.
For example, the median home price in Hot Springs is $116,700, with tax bills ranging significantly across the county. 24445 has the highest median home price at $116,700.
Property Tax Assessment Values Across Hot Springs, Alleghany County, Virginia
Source: Ownwell
$48,300
$82,500
$116,700
Median Hot Springs Market Value
$116,700
Median Alleghany County Market Value
$87,250
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Hot Springs, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | $51,060 | $75,100 | $116,700 | $207,250 | $400,500 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Alleghany County, Virginia
Hot Springs property tax bills are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value of the property. For homeowners, that means the bill is shaped by both the value of the home and the tax rate set by local taxing authorities. When assessed values rise, tax bills can increase even if the tax rate stays the same.
In Hot Springs, the median home price is $116,700, and property tax bills typically fall between $535 at the 25th percentile and $1,334 at the 75th percentile, with the 90th percentile reaching $2,000. The median tax bill in zip code 24445 is $833, which is well below the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. For homeowners, this can make property taxes a smaller part of housing costs than in many other places, but changes in assessed value can still affect annual bills.
Median Hot Springs Tax Bill
$833
Median Alleghany County Tax Bill
$623
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Hot Springs, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24445 | $346 | $535 | $833 | $1,334 | $2,000 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Alleghany Tax Assessor | |
| Website | www.bttaxpayerportal.com |