Norton, Wise County, Virginia Property Taxes
Median Norton, VA effective property tax rate: 0.69%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Norton, VA home value: $64,000
Median annual Norton, VA tax bill: $421, $1,979 lower than the national median property tax bill of $2,400.
How are property taxes in Wise County calculated?
Property taxes in Norton, 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 Norton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Norton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Norton, Wise County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.69%
Estimate Property Tax Bill
$444
$412
Property Tax Rates Across Norton, Wise 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, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell.
Norton in Wise County, Virginia, has an effective property tax rate of 0.69%, which is significantly lower than the national median property tax rate of 1.02%. This lower rate can be particularly appealing to homeowners looking to reduce their annual tax burden. The median property tax bill in Norton is also likely to be lower than the national median, offering further financial relief.
Comparatively, Norton’s tax rate is consistent with the lowest and highest rates within the region, providing a stable and predictable tax environment. This consistency can be advantageous for property owners seeking long-term financial planning and stability. By understanding how Norton’s property tax rate compares to other cities in Virginia and the national average, homeowners can make informed decisions about their property investments.
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 Norton Tax Rate
0.69%
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 Wise County Tax Rate
0.69%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Norton, Wise County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Norton, Wise County, Virginia
When examining property taxes in Norton, 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. Wise County 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 Wise 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 Norton.
For example, the median home price in Norton is $64,000, with tax bills ranging significantly across the county. Zip code 24273 has the highest median home price at $64,000.
Property Tax Assessment Values Across Norton, Wise County, Virginia
Source: Ownwell
$32,600
$64,600
$96,600
Median Norton Market Value
$64,300
Median Wise County Market Value
$76,000
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Norton, Wise County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | $28,000 | $42,700 | $64,300 | $88,150 | $122,200 |
Source: Ownwell
Property Tax Bills Across Norton, Wise County, Virginia
Median Norton Tax Bill
$446
Median Wise County Tax Bill
$523
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Norton, Wise County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24273 | $201 | $298 | $446 | $605 | $831 |
Source: Ownwell