Free Union, Greene County, Virginia Property Taxes

Local government entities set tax rates, which can vary widely within a state. 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 Free Union’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

In Free Union, located in Greene County, the median property tax rate is 0.73%, which is below the national median of 1.02%. This lower rate can be appealing for property owners looking to minimize their tax burden. Compared to the national median property tax bill of $2400, residents in Free Union may find themselves paying less annually, which could be a significant saving over time. Understanding these differences in tax rates can help property owners make informed decisions about where to buy or invest in real estate.

In Free Union, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Free Union experience varying tax bills, with the 25th percentile at $149 and the 75th percentile reaching $1,454. The tax bill at the 90th percentile is $2,399, which is just below the national median property tax bill of $2,400.

Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. For homeowners, this can mean significant expenses annually. However, Ownwell offers services to help reduce these costs. By providing expert property tax appeal and exemption services, Ownwell assists homeowners in challenging their assessments and ensuring they are not overpaying. This can result in substantial savings, easing the financial burden of property taxes in Free Union.