Woolwine, Patrick County, Virginia Property Taxes
Median Woolwine, 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 Woolwine, VA home value: $88,200
Median annual Woolwine, VA tax bill: $644, $1,756 lower than the national median property tax bill of $2,400.
How are property taxes in Patrick County calculated?
Property taxes in Woolwine, 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 Woolwine’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Woolwine, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Woolwine, 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
$643
$597
Property Tax Rates Across Woolwine, Patrick County, Virginia
Local government entities are responsible for setting property tax rates, which can vary significantly within a state. This variation is due to the annual budget estimation process where each county determines the funds needed to provide essential services. The total budget is then divided by the total assessed value of all taxable property within the county, resulting in the property tax rate. While votes and legislation play a role in establishing these rates, this is the basic annual process.
In Woolwine, located in Patrick County, Virginia, the effective property tax rate is 0.73%. This rate stands out when compared to the national median property tax rate of 1.02%. The property tax rate in Woolwine is also reflective of the median tax rate across Virginia, offering a glimpse into how this locality compares to broader state and national benchmarks. Understanding these rates can help property owners anticipate their tax obligations and make informed decisions about property investments in the area.
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 Woolwine 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
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Woolwine, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24185 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Woolwine, Patrick County, Virginia
When examining property taxes in Woolwine, 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 Woolwine. For example, the median home price in Woolwine is $88,200, with tax bills ranging significantly across the county. ZIP code 24185 has the highest median home price at $88,200.
Property Tax Assessment Values Across Woolwine, Patrick County, Virginia
Source: Ownwell
$56,300
$95,425
$134,550
Median Woolwine Market Value
$88,100
Median Patrick County Market Value
$79,700
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Woolwine, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24185 | $20,130 | $50,825 | $88,100 | $141,025 | $200,180 |
Source: Ownwell
Property Tax Bills Across Woolwine, Patrick County, Virginia
In Woolwine, located in Patrick County, VA, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $88,200, homeowners in this area typically experience tax bills ranging from $370 at the 25th percentile to $1,459 at the 90th percentile. The median tax bill in the region stands at $644, which is significantly lower than the national median property tax bill of $2,400. This lower tax bill can be attributed to the relatively modest home values in the area.
Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these components is crucial, as they directly impact annual expenses. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By leveraging expertise in local tax regulations, Ownwell can help reduce the financial burden of property taxes, ensuring homeowners pay only their fair share.
Median Woolwine Tax Bill
$643
Median Patrick County Tax Bill
$582
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Woolwine, Patrick County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24185 | $147 | $371 | $643 | $1,029 | $1,461 |
Source: Ownwell