Property Taxes in Iron Gate, Virginia
Median Iron Gate, 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 Iron Gate, Virginia home value: $51,600
Median annual Iron Gate, Virginia tax bill: $377, $2,023 lower than the national median property tax bill of $2,400.
How are property taxes in Alleghany calculated?
Property taxes in Iron Gate, 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 Iron Gate's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Iron Gate, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Iron Gate Property Tax Calculator Work?
Use this Iron Gate property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Iron Gate's 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 office uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Iron Gate's 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 Iron Gate: rates range from 0.73% in 24448 to 0.73% in 24448, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Iron Gate.
About Iron Gate Property Taxes
About Property Taxes in Iron Gate, Alleghany, Virginia
Iron Gate’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 Iron Gate. Homeowners in the 24448 ZIP code carry a median effective rate of 0.73%, while those in the same ZIP code 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 Iron Gate you live in can make a meaningful difference to your annual tax bill.
Iron Gate homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before June 1, 2026 each year.
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 Iron Gate, 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 Iron Gate'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 Iron Gate 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 Iron Gate, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24448 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Iron Gate, Alleghany County, Virginia
When examining property taxes in Iron Gate, 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 tax authority 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. For example, the median home price in Iron Gate is $51,600, with a median tax bill of $377. The highest median home price is in 24448 at $51,600.
Property Tax Assessment Values Across Iron Gate, Alleghany County, Virginia
Source: Ownwell
$48,300
$82,500
$116,700
Median Iron Gate Market Value
$51,600
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 Iron Gate, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24448 | $25,000 | $37,300 | $51,600 | $66,600 | $98,900 |
Source: Ownwell
Property Tax Bills Across Iron Gate, Alleghany County, Virginia
Property tax bills in Iron Gate are based on the assessed value of a home, which is then multiplied by the local tax rate. For homeowners, that means the bill depends on both the market value of the property and the tax rate set for Alleghany County. With a median home price of $51,600, even modest changes in assessed value can affect what a homeowner owes.
The typical property tax bill in Iron Gate is $377, which is well below the national median property tax bill of $2,400 and also below the national median property tax rate of 1.02%. Bills in the area can vary, with the 25th percentile at $270 and the 75th percentile at $488. At the high end, the 90th percentile reaches $723, showing how differences in assessed value and local tax rates can create meaningful changes in annual taxes. For homeowners, this bill is a recurring cost that can influence monthly budgeting and overall housing affordability.
Median Iron Gate Tax Bill
$377
Median Alleghany County Tax Bill
$623
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Iron Gate, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24448 | $179 | $270 | $377 | $488 | $723 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Alleghany Tax Assessor | |
| Website | www.bttaxpayerportal.com |