Norton, Norton County, Virginia Property Taxes
Median Norton, VA effective property tax rate: 0.90%, slightly lower than the national median of 1.02%, but higher than the Virginia state median of 0.89%.
Median Norton, VA home value: $74,600
Median annual Norton, VA tax bill: $671, $1,729 lower than the national median property tax bill of $2,400.
How are property taxes in Norton calculated?
Property taxes in Norton, 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 Norton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Norton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Norton, Norton County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.9%
Estimate Property Tax Bill
$671
$623
Property Tax Rates Across Norton, Norton County, Virginia
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 Norton’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Norton in Virginia boasts a median property tax rate of 0.90%, which is below the national median property tax rate of 1.02%. This presents a favorable opportunity for property owners in Norton, as they benefit from lower property taxes compared to many other regions. The consistency in Norton’s property tax rate, as indicated by both the highest and lowest median tax rates being the same, suggests a stable and predictable tax environment. This can be especially appealing for homeowners seeking financial predictability. By choosing to invest or reside in Norton, property owners can take advantage of the relatively lower tax burden, making it an attractive option for those looking to maximize their investment while enjoying the amenities and services provided by the local government.
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 Norton Tax Rate
0.90%
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 Norton County Tax Rate
0.90%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Norton, Norton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Norton, Norton County, Virginia
When examining property taxes in Norton, 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 Norton 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 Norton 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 Norton.
For example, the median home price in Norton is $74,600, with tax bills ranging significantly across the county. Zip code 24273 has the highest median home price at $74,600.
Property Tax Assessment Values Across Norton, Norton County, Virginia
Source: Ownwell
$74,600
$74,600
$74,600
Median Norton Market Value
$74,600
Median Norton County Market Value
$74,600
Median Virginia Market Value
$298,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Norton, Norton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | $28,820 | $48,100 | $74,600 | $126,600 | $233,680 |
Source: Ownwell
Property Tax Bills Across Norton, Norton County, Virginia
In Norton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value is then multiplied by the tax rate set by the city to calculate the annual tax bill. For homeowners in Norton, the median property tax bill is $671, significantly lower than the national median of $2400. Factors such as location, property size, and market trends influence the assessed value, impacting the final tax bill. Homeowners with properties in the 25th percentile pay around $433, while those in the 75th percentile face bills closer to $1140. The 90th percentile sees bills as high as $2100, showing a range of possible tax liabilities.
Ownwell assists homeowners in reducing their property tax bills by identifying potential discrepancies in assessments and filing appeals on their behalf. By leveraging local market knowledge and expertise, Ownwell ensures that homeowners pay only their fair share, potentially saving them significant amounts on their annual property taxes.
Median Norton Tax Bill
$671
Median Norton County Tax Bill
$671
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Norton, Norton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | $258 | $433 | $671 | $1,140 | $2,100 |
Source: Ownwell