Rural Retreat, Smyth County, Virginia Property Taxes
Median Rural Retreat, VA effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Rural Retreat, VA home value: $70,350
Median annual Rural Retreat, VA tax bill: $503, $1,897 lower than the national median property tax bill of $2,400.
How are property taxes in Smyth County calculated?
Property taxes in Rural Retreat, 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 Rural Retreat’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Rural Retreat, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Rural Retreat, Smyth County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.59%
Estimate Property Tax Bill
$633
$587
Property Tax Rates Across Rural Retreat, Smyth County, Virginia
Local government entities have the authority to set property tax rates, which can differ significantly across various regions within a state. This variation stems from the fact that each county annually determines its necessary budget to fund local services and then divides this amount by the total value of all taxable properties within its boundaries. This calculation results in the specific property tax rate for that area. Although the process involves votes and legislation to establish tax rates and budgets, this annual calculation is the core mechanism behind property tax rate determination.
In RURAL RETREAT, located in Smyth County, the effective property tax rate can be compared to other cities within Virginia and the broader national landscape. Virginia's median property tax rate is 0.74%, which is below the national median of 1.02%. This positions Virginia favorably for property owners, offering relatively lower tax burdens compared to the U.S. average. For residents of RURAL RETREAT, understanding these rates is crucial for financial planning and property investment decisions.
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 Rural Retreat Tax Rate
0.59%
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 Smyth County Tax Rate
0.59%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Rural Retreat, Smyth County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24368 | 0.56% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Rural Retreat, Smyth County, Virginia
When examining property taxes in Rural Retreat, 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 Smyth 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 Smyth 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 Rural Retreat. For example, the median home price in Rural Retreat is $70,350, with tax bills ranging significantly across the county. Zip code 24368 has the highest median home price at $70,350.
Property Tax Assessment Values Across Rural Retreat, Smyth County, Virginia
Source: Ownwell
$74,200
$103,300
$132,400
Median Rural Retreat Market Value
$107,300
Median Smyth County Market Value
$109,200
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Rural Retreat, Smyth County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24368 | $15,860 | $42,950 | $107,300 | $163,025 | $225,610 |
Source: Ownwell
Property Tax Bills Across Rural Retreat, Smyth County, Virginia
In Rural Retreat, located in Smyth County, VA, property tax bills are determined by the assessed value of a home and the local tax rate. The median home price here is $70,350, which is significantly lower than the national median. The tax bill for homeowners in Rural Retreat can vary widely, with those at the 25th percentile paying around $213, while those at the 90th percentile face bills up to $1,091. Despite the variance, the median tax bill remains at $503, which is considerably lower than the national median of $2,400.
This discrepancy highlights the potential for savings. Ownwell assists homeowners by identifying opportunities for property tax appeals and exemptions. By analyzing the assessed value and ensuring it aligns with the market value, Ownwell can help reduce tax liabilities. This service is particularly beneficial in areas like Rural Retreat, where even a small reduction in the assessed value can lead to substantial savings, easing the financial burden on homeowners.
Median Rural Retreat Tax Bill
$631
Median Smyth County Tax Bill
$634
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Rural Retreat, Smyth County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24368 | $84 | $220 | $631 | $946 | $1,345 |
Source: Ownwell