Ferrum, Patrick County, Virginia Property Taxes
Median Ferrum, 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 Ferrum, VA home value: $54,700
Median annual Ferrum, VA tax bill: $399, $2,001 lower than the national median property tax bill of $2,400.
How are property taxes in Patrick County calculated?
Property taxes in Ferrum, 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 Ferrum’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Ferrum, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Ferrum, Patrick County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.73%
Estimate Property Tax Bill
$399
$371
Ownwell’s Ferrum Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ferrum with just two data points.
By entering your property's estimated assessed value, our calculator applies Ferrum’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 Ferrum, Patrick County, Virginia
Local government entities set tax rates, and these can vary significantly within a state. This is because each year, counties estimate the budget necessary to provide essential services and then divide that by the total assessed value of all taxable property within their borders. This process results in the property tax rate. Although votes and laws influence tax rates and budgets, this is the core of the annual process.
Below, you can compare Ferrum’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S. Ferrum, located in Patrick County, presents a unique perspective within the state. With a median property tax rate of 0.73%, it stands below the national median of 1.02%, offering residents a more favorable tax environment. This rate is consistent across Patrick County, as both the highest and lowest median tax rates are identical at 0.73%. Compared to the national median property tax bill of $2400, Ferrum's lower tax rate suggests potential savings for homeowners. This makes Ferrum an attractive option for those looking to manage their property tax obligations effectively.
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 Ferrum Tax Rate
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 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 Ferrum, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24088 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Ferrum, Patrick County, Virginia
When examining property taxes in Ferrum, 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.
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 Ferrum.
For example, the median home price in Ferrum is $54,700, with tax bills ranging significantly across the county. Zip code 24088 has the highest median home price at $54,700.
Property Tax Assessment Values Across Ferrum, Patrick County, Virginia
Source: Ownwell
$54,700
$94,625
$134,550
Median Ferrum Market Value
$54,700
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 Ferrum, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24088 | $11,210 | $20,050 | $54,700 | $117,800 | $182,570 |
Source: Ownwell
Property Tax Bills Across Ferrum, Patrick County, Virginia
In Ferrum, located in Patrick County, VA, property tax bills are calculated based on the assessed value of a home. The median home price is $54,700, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements and market fluctuations can influence the assessed value, impacting the tax bill. The median property tax bill in this area is $399, significantly lower than the national median of $2,400, making it an attractive location for homeowners. However, tax bills can vary, with the 25th percentile at $146 and the 90th percentile reaching $1,333.
Homeowners in Ferrum can benefit from appealing their property tax assessments to ensure they are not overpaying. Ownwell offers expert property tax appeal services, helping homeowners navigate the complexities of property tax assessments. By leveraging local expertise and a deep understanding of the assessment process, Ownwell can identify potential savings and reduce property tax bills, providing peace of mind and financial relief to homeowners.
Median Ferrum Tax Bill
$399
Median Patrick County Tax Bill
$580
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Ferrum, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24088 | $82 | $146 | $399 | $860 | $1,333 |
Source: Ownwell