Speedwell, Wythe County, Virginia Property Taxes

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

Median Speedwell, VA effective property tax rate: 0.51%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Speedwell, VA home value: $106,500
Median annual Speedwell, VA tax bill: $532, $1,868 lower than the national median property tax bill of $2,400.

How are property taxes in Wythe calculated?

Property taxes in Speedwell, 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 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 March 1, 2025

Speedwell, Wythe County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.52%

Estimate Property Tax Bill

$609

$566

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

Property Tax Rates Across Speedwell, Wythe County, Virginia

Local government entities determine tax rates, which can vary significantly within a state. Each year, counties estimate their necessary budget to provide essential services and divide it by the total assessed value of all taxable property within their jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is essentially how the process unfolds annually.

In Speedwell, located in Wythe County, Virginia, the effective property tax rate is notably lower than both the state and national averages. With a median property tax rate of 0.51%, Speedwell's rate is significantly below the national median of 1.02%. This makes Speedwell an attractive location for property owners seeking lower property tax burdens. The uniformity in tax rates across Speedwell is evident, as the highest and lowest median tax rates are the same, highlighting the consistency in tax assessments within the area. This favorable tax environment can be a compelling factor for potential homeowners and investors considering Speedwell as a place to settle or invest.

Property Tax Rates Across Speedwell, Wythe County, Virginia

Source: Ownwell

0.51%

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 Speedwell Tax Rate

0.52%

Median Effective Wythe County Tax Rate

0.52%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

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, 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 Wythe 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 Wythe 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 Speedwell. For example, the median home price in Speedwell is $106,500, with tax bills ranging significantly across the county. Zip code 24374 has the highest median home price at $106,500.

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

$235,294

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

In Speedwell, VA, property tax bills are determined by assessing the property's value and applying the local tax rate. Homeowners in this area, part of Wythe County, face a median tax bill of $532, which is significantly lower than the national median of $2,400. This difference highlights a more favorable tax environment for Speedwell residents. However, tax bills can vary, with the 25th percentile at $289 and the 90th percentile reaching $1,263. These variations are influenced by factors such as property value and local tax rates.

For homeowners, these taxes can impact financial planning, making it crucial to ensure their property is accurately assessed. That's where Ownwell comes in. By offering property tax appeal and exemption services, Ownwell helps homeowners potentially lower their tax bills. Our expertise ensures your property is fairly assessed, providing peace of mind and potential savings. Engaging with Ownwell can make a significant difference, ensuring you pay only your fair share.

Property Tax Bills Across Speedwell, Wythe County, Virginia

Source: Ownwell

$508

$730

$952

Median Speedwell Tax Bill

$625

Median Wythe County Tax Bill

$757

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

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