Independence, Grayson County, Virginia Property Taxes

Name: Property Tax Bills Across Independence, Grayson County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Independence, VA effective property tax rate: 0.67%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Independence, VA home value: $123,600
Median annual Independence, VA tax bill: $845, $1,555 lower than the national median property tax bill of $2,400.

How are property taxes in Grayson calculated?

Property taxes in Independence, 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 Independence’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Independence, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Independence, Grayson County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.67%

Estimate Property Tax Bill

$828

$768

Ownwell’s Independence Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, our calculator applies Independence’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Grayson. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Independence, Grayson County, Virginia

Local government entities in Virginia, like elsewhere, set tax rates that can differ significantly within the state. This variation arises because each county annually estimates its budget needs for services and divides that by the total assessed value of all taxable property in its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process.

For instance, Independence in Grayson County has an effective property tax rate that aligns with the highest and lowest median tax rates in the state, both at 0.67%. When compared to the national median property tax rate of 1.02%, Independence residents benefit from a lower rate. Additionally, the national median property tax bill is $2,400, which suggests that property owners in Independence might enjoy relatively lower annual tax bills. This comparison highlights the favorable property tax environment in Independence, making it an attractive location for property owners seeking lower tax burdens within Virginia.

Property Tax Rates Across Independence, Grayson County, Virginia

Source: Ownwell

0.67%

0.73%

0.80%

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 Independence Tax Rate

0.67%

Median Effective Grayson County Tax Rate

0.70%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Independence, Grayson County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24348	0.54%	0.59%	0.67%	0.78%	0.99%

Source: Ownwell

Property Tax Assessment Values Across Independence, Grayson County, Virginia

When examining property taxes in Independence, 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 Grayson 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 Grayson County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of the season. 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 Independence. For example, the median home price in Independence is $123,600, with tax bills ranging significantly across the county. 24348 has the highest median home price at $123,600.

Property Tax Assessment Values Across Independence, Grayson County, Virginia

Source: Ownwell

$76,900

$110,250

$143,600

Median Independence Market Value

$123,600

Median Grayson County Market Value

$108,800

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Independence, Grayson County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24348	$39,700	$69,300	$123,600	$198,300	$323,900

Source: Ownwell

Property Tax Bills Across Independence, Grayson County, Virginia

In Independence, Grayson County, 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 tax rate to determine the final tax bill. The median home price in Independence is $123,600, and tax bills can vary significantly. At the 25th percentile, homeowners might pay around $518, while those at the 75th percentile could see bills as high as $1,290. At the 90th percentile, the tax bill can reach $1,967. The highest and lowest median tax bill in the area is $845, both occurring in the zip code 24348. When compared to the national median property tax bill of $2,400, homeowners in Independence generally pay less. However, property taxes can still be a significant expense. Ownwell can assist homeowners by identifying potential savings through property tax appeals and exemptions, ensuring they pay only their fair share and potentially reducing their tax bills.

Property Tax Bills Across Independence, Grayson County, Virginia

Source: Ownwell

$593

$789

$984

Median Independence Tax Bill

$845

Median Grayson County Tax Bill

$785

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Independence, Grayson County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24348	$347	$518	$845	$1,290	$1,967

Source: Ownwell