Property Taxes in Speedwell, Virginia
Median Speedwell, Virginia effective property tax rate: 0.52%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Speedwell, Virginia home value: $117,200
Median annual Speedwell, Virginia tax bill: $625, lower than the national median property tax bill of $2,400.
How are property taxes in Wythe calculated?
Property taxes in Speedwell, Virginia 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 Speedwell's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Speedwell, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Speedwell Property Tax Calculator Work?
Use this Speedwell property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Speedwell's median effective tax rate of 0.52% — based on actual property records in Wythe County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment office uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Speedwell's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Speedwell: rates range from 0.52% in 24374 to 0.52% in 24374, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Speedwell.
About Speedwell Property Taxes
About Property Taxes in Speedwell, Wythe, Virginia
Speedwell’s median effective property tax rate of 0.52% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Wythe County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Speedwell. Homeowners in the 24374 ZIP code carry a median effective rate of 0.52%, while those in the lowest ZIP pay 0.52%. This spread reflects how school district boundaries and local assessment districts are drawn across Wythe County. Understanding which part of Speedwell you live in can make a meaningful difference to your annual tax bill.
Speedwell homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Speedwell, Wythe County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because 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 Speedwell's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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 Speedwell Tax Rate
0.52%
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 Wythe County Tax Rate
0.52%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Speedwell, Wythe County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24374 | 0.51% | 0.51% | 0.52% | 0.54% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Speedwell, Wythe County, Virginia
When examining property taxes in Speedwell, Virginia, 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 Wythe County assessment office 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 are sent in the spring each year and typically reach your mailbox by the middle of the month. 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.
For example, the median home price in Speedwell is $117,200, with tax bills ranging across the county. Zip code 24374 has the highest median home price at $117,200.
Property Tax Assessment Values Across Speedwell, Wythe County, Virginia
Source: Ownwell
$95,900
$137,025
$178,150
Median Speedwell Market Value
$117,200
Median Wythe County Market Value
$143,400
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Speedwell, Wythe County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24374 | $49,700 | $73,500 | $117,200 | $170,700 | $257,500 |
Source: Ownwell
Property Tax Bills Across Speedwell, Wythe County, Virginia
Property tax bills in Speedwell are calculated by applying the local tax rate to a home’s assessed value, which is based on market conditions and the property’s characteristics. For a home with a median value of $117,200, the bill can vary depending on how the property is assessed and whether any exemptions or appeals apply.
The typical tax bill in Speedwell is $625.00, and that figure is the same in the ZIP code 24374 for both the highest and lowest median tax bill reported. Compared with the national median property tax bill of $2,400, homeowners in Speedwell generally pay less. Bills in the area range from $387 at the 25th percentile to $912 at the 75th percentile, with the 90th percentile reaching $1,412.
These differences show how location, assessment, and home value affect what homeowners owe each year.
Median Speedwell Tax Bill
$625
Median Wythe County Tax Bill
$757
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Speedwell, Wythe County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24374 | $256 | $387 | $625 | $912 | $1,412 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | May 31 |
Links | |
|---|---|
| Wythe Tax Assessor | |
| Website | wythe.interactivegis.com |