Gum Spring, Louisa County, Virginia Property Taxes
Median Gum Spring, VA effective property tax rate: 0.43%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Gum Spring, VA home value: $238,800
Median annual Gum Spring, VA tax bill: $940, $1,460 lower than the national median property tax bill of $2,400.
How are property taxes in Louisa County calculated?
Property taxes in Gum Spring, 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 Gum Spring’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Gum Spring, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Gum Spring, Louisa County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.72%
Estimate Property Tax Bill
$1,858
$1,724
Property Tax Rates Across Gum Spring, Louisa County, Virginia
Local government entities are responsible for setting property tax rates, which can significantly vary within Virginia. This variance arises because each county, including Louisa, annually estimates its budget needs for public services. The county then divides this budget by the total value of all taxable properties in its area to determine the property tax rate. While the process involves votes and laws, this is essentially how tax rates are set each year.
In Gum Spring, located in Louisa County, the effective property tax rate is 0.43%, which is notably lower than both the state and national medians. With the national median property tax rate at 1.02%, Gum Spring offers a more affordable option for property owners. This lower rate can significantly reduce the financial burden on homeowners compared to other parts of the state and country. For property owners in Gum Spring, this means potential savings and a more manageable tax bill, making it an attractive location for those looking to minimize their property tax expenses.
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 Gum Spring Tax Rate
0.72%
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 Louisa County Tax Rate
0.72%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Gum Spring, Louisa County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Gum Spring, Louisa County, Virginia
When examining property taxes in Gum Spring, 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 Louisa 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.
In Louisa 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 Gum Spring.
For example, the median home price in Gum Spring is $238,800, with tax bills ranging significantly across the county. Zip code 23065 has the highest median home price at $238,800.
Property Tax Assessment Values Across Gum Spring, Louisa County, Virginia
Source: Ownwell
$258,050
$378,200
$498,350
Median Gum Spring Market Value
$258,050
Median Louisa County Market Value
$326,600
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Gum Spring, Louisa County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | $106,000 | $200,225 | $258,050 | $323,600 | $404,340 |
Source: Ownwell
Property Tax Bills Across Gum Spring, Louisa County, Virginia
Median Gum Spring Tax Bill
$1,837
Median Louisa County Tax Bill
$2,319
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Gum Spring, Louisa County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23065 | $589 | $1,335 | $1,837 | $2,266 | $2,901 |
Source: Ownwell