Gum Spring, Goochland County, Virginia Property Taxes

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

Median Gum Spring, VA effective property tax rate: 0.53%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Gum Spring, VA home value: $308,400
Median annual Gum Spring, VA tax bill: $1,597, $803 lower than the national median property tax bill of $2,400.

How are property taxes in Goochland calculated?

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

Last Updated March 1, 2025

Gum Spring, Goochland County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.53%

Estimate Property Tax Bill

$1,685

$1,564

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

Property Tax Rates Across Gum Spring, Goochland County, Virginia

Local government entities set tax rates, which can vary widely within a state. 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 Gum Spring’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

In Gum Spring, located in Goochland County, the effective property tax rate is 0.53%. This rate is relatively low compared to the national median property tax rate of 1.02%. The median property tax bill in Gum Spring is significantly below the national median of $2,400, making it an attractive location for property owners seeking lower tax obligations. The uniformity of the tax rate across Goochland County ensures that property owners in Gum Spring benefit from consistent tax assessments. This stability in property tax rates can be a significant factor for homeowners considering long-term investments in the area.

Property Tax Rates Across Gum Spring, Goochland County, Virginia

Source: Ownwell

0.53%

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 Gum Spring Tax Rate

0.53%

Median Effective Goochland County Tax Rate

0.53%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Gum Spring, Goochland County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23065	0.53%	0.53%	0.53%	0.53%	0.53%

Source: Ownwell

Property Tax Assessment Values Across Gum Spring, Goochland County, Virginia

When examining property taxes in Gum Spring, 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 Goochland 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 Goochland 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 Gum Spring. For example, the median home price in Gum Spring is $308,400, with tax bills ranging significantly across the county. 23065 has the highest median home price at $308,400.

Property Tax Assessment Values Across Gum Spring, Goochland County, Virginia

Source: Ownwell

$260,250

$554,950

$849,650

Median Gum Spring Market Value

$318,000

Median Goochland County Market Value

$484,200

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Gum Spring, Goochland County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23065	$188,190	$248,375	$318,000	$422,550	$531,660

Source: Ownwell

Property Tax Bills Across Gum Spring, Goochland County, Virginia

In Gum Spring, located in Goochland County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the area is $308,400. The property tax rate is applied to this assessed value to determine the tax bill. The tax bill can vary significantly, with the 25th percentile at $1,232 and the 75th percentile reaching $2,124, reflecting differences in property values and assessment accuracy. The highest and lowest median tax bills in the area are both $1,597, indicating a consistent tax rate application across different zip codes within the county. Compared to the national median property tax bill of $2,400, Gum Spring homeowners may find their tax bills relatively manageable. However, Ownwell can assist homeowners in navigating the complexities of property tax assessments and appeals, potentially leading to significant savings. By ensuring that properties are fairly assessed and applying for eligible exemptions, Ownwell helps reduce the financial burden on homeowners.

Property Tax Bills Across Gum Spring, Goochland County, Virginia

Source: Ownwell

$1,305

$2,791

$4,276

Median Gum Spring Tax Bill

$1,643

Median Goochland County Tax Bill

$2,439

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Gum Spring, Goochland County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23065	$976	$1,282	$1,643	$2,200	$2,725

Source: Ownwell