Fancy Gap, Carroll County, Virginia Property Taxes

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

Median Fancy Gap, VA effective property tax rate: 0.59%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%. Median Fancy Gap, VA home value: $107,850. Median annual Fancy Gap, VA tax bill: $678, $1,722 lower than the national median property tax bill of $2,400.

How are property taxes in Carroll County calculated?

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

Last Updated March 1, 2025

Fancy Gap, Carroll County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.59%

Estimate Property Tax Bill

$639

$593

Ownwell’s Fancy Gap Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fancy Gap with just two data points.

By entering your property's estimated assessed value, our calculator applies Fancy Gap’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 Carroll County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Fancy Gap, Carroll County, Virginia

Local government entities are responsible for setting tax rates, leading to significant variations within a state. Each county, like Carroll County in Virginia, estimates its required budget to deliver essential services and divides this by the total value of all taxable property in its jurisdiction. This calculation determines the property tax rate. Although votes and legislation play roles in setting tax rates and budgets, this is the core annual process. Fancy Gap, located in Carroll County, has an effective property tax rate that aligns with the county's median of 0.59%. This rate is notably lower than Virginia's median property tax rate and significantly below the national median of 1.02%. For property owners in Fancy Gap, this means a lighter tax burden compared to many other regions. Understanding these rates is crucial for homeowners seeking to manage their expenses effectively. By comparing Fancy Gap’s tax rate with state and national figures, property owners can gain valuable insights into their financial commitments.

Property Tax Rates Across Fancy Gap, Carroll County, Virginia

Source: Ownwell

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 Fancy Gap Tax Rate

0.59%

Median Effective Carroll County Tax Rate

0.59%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Fancy Gap, Carroll County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24328	0.59%	0.59%	0.59%	0.59%	0.59%

Source: Ownwell

Property Tax Assessment Values Across Fancy Gap, Carroll County, Virginia

When examining property taxes in Fancy Gap, 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 Carroll 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 Carroll 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 Fancy Gap.

For example, the median home price in Fancy Gap is $107,850, with tax bills ranging significantly across the county. Zip code 24328 has the highest median home price at $107,850.

Property Tax Assessment Values Across Fancy Gap, Carroll County, Virginia

Source: Ownwell

$51,750

$101,350

$150,950

Median Fancy Gap Market Value

$108,300

Median Carroll County Market Value

$89,000

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Fancy Gap, Carroll County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24328	$15,040	$48,600	$108,300	$168,150	$225,400

Source: Ownwell

Property Tax Bills Across Fancy Gap, Carroll County, Virginia

In Fancy Gap, Carroll County, VA, property tax bills are determined by the assessed value of a home, which is then multiplied by the local tax rate. This process considers factors like property size, location, and market conditions. With a median home price of $107,850, many homeowners in this area might find their property tax bills to be relatively modest compared to the national median property tax bill of $2,400. In fact, the highest and lowest median tax bills in Fancy Gap are both $678, significantly below the national average. Despite this, some homeowners face higher bills, with the 90th percentile reaching $1,344. Such disparities can impact homeowners' finances, making it crucial to ensure that assessments are fair and accurate. Ownwell offers valuable assistance by providing property tax appeal and exemption services, potentially lowering tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can help homeowners achieve substantial savings, ensuring they only pay their fair share of property taxes.

Property Tax Bills Across Fancy Gap, Carroll County, Virginia

Source: Ownwell

$304

$598

$891

Median Fancy Gap Tax Bill

$680

Median Carroll County Tax Bill

$529

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Fancy Gap, Carroll County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24328	$145	$384	$680	$1,029	$1,352

Source: Ownwell