Selma, Alleghany County, Virginia Property Taxes
Median Selma, VA effective property tax rate: 0.73%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Selma, VA home value: $55,400
Median annual Selma, VA tax bill: $404, $1,996 lower than the national median property tax bill of $2,400.
How are property taxes in Alleghany calculated?
Property taxes in Selma, VA 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 Selma’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Selma, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Selma, Alleghany County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.73%
Estimate Property Tax Bill
$404
$375
Property Tax Rates Across Selma, Alleghany County, Virginia
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variance is due to each county's annual budget requirements to maintain services, which are then divided by the total value of all taxable property within the jurisdiction. This calculation determines the property tax rate. While the process involves votes and legal considerations, this is the basic annual procedure.
In Selma, located in Alleghany County, VA, the effective property tax rate is a reflection of this process. When comparing Selma’s rate to other cities within Virginia and the national median, it is essential to consider such local factors. Virginia's median tax rate is typically lower than the national median, offering potential savings for homeowners. This can be particularly appealing when contrasted with states that have higher property tax rates. Understanding these differences can empower property owners to make informed decisions about their investments. By staying informed about local tax rates, homeowners can better navigate their financial responsibilities and potentially reduce their property tax burden through appeals or exemptions.
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 Selma 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
1.02%
Property Tax Rates Across Selma, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24474 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Selma, Alleghany County, Virginia
When examining property taxes in Selma, VA, 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 appraisal district 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 April. 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 Selma.
For example, the median home price in Selma is $55,400, with tax bills ranging significantly across the county. Zip code 24474 has the highest median home price at $55,400.
Property Tax Assessment Values Across Selma, Alleghany County, Virginia
Source: Ownwell
$48,300
$82,500
$116,700
Median Selma Market Value
$55,400
Median Alleghany County Market Value
$87,250
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Selma, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24474 | $26,760 | $39,550 | $55,400 | $74,050 | $102,180 |
Source: Ownwell
Property Tax Bills Across Selma, Alleghany County, Virginia
In Selma, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. In Selma, the median property tax bill stands at $404, significantly lower than the national median of $2400. Factors influencing the assessed value include the property's location, size, and market conditions. For homeowners in Selma, this means a relatively modest tax burden compared to many other regions.
Despite the lower tax bills, homeowners can still benefit from ensuring their property is assessed accurately. Ownwell provides expert property tax appeal services, helping homeowners potentially reduce their tax bills by identifying discrepancies in assessed values. By leveraging local market data and expert analysis, Ownwell can guide homeowners through the appeal process, maximizing savings and ensuring fair taxation. This service is particularly valuable for those in Selma looking to optimize their property tax expenses.
Median Selma Tax Bill
$404
Median Alleghany County Tax Bill
$623
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Selma, Alleghany County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24474 | $195 | $288 | $404 | $539 | $748 |
Source: Ownwell