Fancy Gap, Patrick County, Virginia Property Taxes

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

Median Fancy Gap, 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 Fancy Gap, VA home value: $134,550. Median annual Fancy Gap, VA tax bill: $982, $1,418 lower than the national median property tax bill of $2,400.

How are property taxes in Patrick County calculated?

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

Last Updated March 1, 2025

Fancy Gap, Patrick County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.73%

Estimate Property Tax Bill

$982

$911

Ownwell’s Fancy Gap Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fancy Gap with just two data points. By entering your property's estimated assessed value, our calculator applies Fancy Gap’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 Patrick County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Fancy Gap, Patrick 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.

Fancy Gap in Patrick County, Virginia, has an effective property tax rate of 0.73%, which matches the highest and lowest median tax rates within the state. This rate is significantly lower than the national median property tax rate of 1.02%. As a result, homeowners in Fancy Gap benefit from lower property tax bills compared to the national median, which is $2400. This lower tax rate can contribute to a more affordable cost of living for residents, making Fancy Gap an attractive location for property ownership. Comparing this rate to other areas within Virginia highlights the variability in property tax rates and underscores the importance of understanding local tax policies when evaluating property investments.

Property Tax Rates Across Fancy Gap, Patrick County, Virginia

Source: Ownwell

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 Fancy Gap Tax Rate

0.73%

Median Effective Patrick County Tax Rate

0.73%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Fancy Gap, Patrick County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24328	0.73%	0.73%	0.73%	0.73%	0.73%

Source: Ownwell

Property Tax Assessment Values Across Fancy Gap, Patrick County, Virginia

When examining property taxes in Fancy Gap, 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 Patrick 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 Patrick 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 Fancy Gap. For example, the median home price in Fancy Gap is $134,550, with tax bills ranging significantly across the county. Zip code 24328 has the highest median home price at $134,550.

Property Tax Assessment Values Across Fancy Gap, Patrick County, Virginia

Source: Ownwell

$54,700

$94,625

$134,550

Median Fancy Gap Market Value

$134,550

Median Patrick County Market Value

$79,400

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Fancy Gap, Patrick County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24328	$98,510	$115,400	$134,550	$171,375	$229,120

Source: Ownwell

Property Tax Bills Across Fancy Gap, Patrick County, Virginia

Property tax bills in Fancy Gap, located in Patrick County, Virginia, are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office and reflects the property's market value. In Fancy Gap, the median home price is $134,550, which influences the tax bill amount. Homeowners in this area face tax bills that range from the 25th percentile at $842 to the 90th percentile at $1,673. The median tax bill is $982, significantly lower than the national median property tax bill of $2,400. These figures highlight that property taxes in Fancy Gap are relatively affordable compared to many other areas across the country. However, homeowners can still benefit from ensuring their property is not over-assessed. Ownwell offers valuable services to assist homeowners in appealing their property tax assessments, potentially leading to substantial savings. By leveraging professional expertise, Ownwell helps homeowners navigate the complexities of property tax assessments, ensuring they only pay their fair share.

Property Tax Bills Across Fancy Gap, Patrick County, Virginia

Source: Ownwell

$399

$691

$982

Median Fancy Gap Tax Bill

$982

Median Patrick County Tax Bill

$580

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Fancy Gap, Patrick County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24328	$719	$842	$982	$1,251	$1,673

Source: Ownwell