Greenwood, Albemarle County, Virginia Property Taxes

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

Median Greenwood, VA effective property tax rate: 0.85%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Greenwood, VA home value: $405,750
Median annual Greenwood, VA tax bill: $3,357, $957 higher than the national median property tax bill of $2,400.

How are property taxes in Albemarle calculated?

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

Last Updated March 1, 2025

Greenwood, Albemarle County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.85%

Estimate Property Tax Bill

$3,764

$3,493

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

Property Tax Rates Across Greenwood, Albemarle County, Virginia

Local government entities set tax rates, which can vary widely within a state. 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.

In Greenwood, located in Albemarle County, the effective property tax rate is 0.85%, which is below the national median property tax rate of 1.02%. This makes Greenwood an attractive location for property owners looking for lower tax rates. The median property tax rate in Virginia is also 0.85%, aligning with Greenwood’s rate. Compared to the national median property tax bill of $2,400, property owners in Greenwood may find their tax bills more manageable. This can be particularly appealing for those considering a move or investment in the area, as the cost of property ownership is a significant factor in financial planning. Whether you're a current resident or contemplating a move, understanding these rates can help you make informed decisions about property ownership in Greenwood.

Property Tax Rates Across Greenwood, Albemarle County, Virginia

Source: Ownwell

0.85%

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 Greenwood Tax Rate

0.85%

Median Effective Albemarle County Tax Rate

0.85%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Greenwood, Albemarle County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
22943	0.66%	0.85%	0.85%	0.85%	0.85%

Source: Ownwell

Property Tax Assessment Values Across Greenwood, Albemarle County, Virginia

When examining property taxes in Greenwood, 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 Albemarle 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 Albemarle County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Greenwood. For example, the median home price in Greenwood is $405,750, with tax bills ranging significantly across the county. Zip code 22943 has the highest median home price at $405,750.

Property Tax Assessment Values Across Greenwood, Albemarle County, Virginia

Source: Ownwell

$207,500

$483,000

$758,500

Median Greenwood Market Value

$442,800

Median Albemarle County Market Value

$451,350

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Greenwood, Albemarle County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
22943	$136,000	$261,150	$442,800	$771,500	$1,422,760

Source: Ownwell

Property Tax Bills Across Greenwood, Albemarle County, Virginia

In Greenwood, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as market trends, property size, and location influence the assessed value. With a median home price of $405,750, homeowners in Greenwood face property tax bills that can range significantly. For instance, the 25th percentile tax bill is $2,060, while the 75th percentile reaches $5,713. This variance highlights the impact of property value assessments on tax bills. Compared to the national median property tax bill of $2,400, Greenwood's tax bills can be higher, particularly for those in higher-value homes. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By leveraging expertise in local tax codes and market data, Ownwell helps ensure homeowners pay only their fair share, potentially reducing their tax burden significantly.

Property Tax Bills Across Greenwood, Albemarle County, Virginia

Source: Ownwell

$1,974

$4,619

$7,264

Median Greenwood Tax Bill

$3,605

Median Albemarle County Tax Bill

$3,925

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Greenwood, Albemarle County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22943	$1,783	$2,449	$3,605	$5,731	$8,493

Source: Ownwell