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Updated 2025 Tax Year

Floyd County
Property Tax Guide

Everything you need to know about property taxes in Floyd County, VA. Rates, due dates, exemptions, and how it affects your monthly payment.

10 Official Sources
8 min read
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Quick Facts
Tax Rate
Base rate varies by district due to special taxing districts and additional assessments
Exemptions
3+ Available
Section 1

How Property Tax Works

Floyd County, Virginia operates on a property tax system that serves as the primary funding mechanism for essential local services including public schools, emergency services, road maintenance, and county administration. Property owners pay taxes based on the assessed value of their real estate and personal property, with the county conducting regular reassessments to ensure fair market valuations.

The effective property tax rate in Floyd County varies by location within the county due to special taxing districts and additional assessments. While the base county rate applies countywide, property owners may face additional levies depending on their specific location and the special districts that serve their area. This decentralized approach ensures that residents pay for the specific services they receive while maintaining countywide funding for essential services.

Property taxes in Floyd County are collected semi-annually, providing property owners with manageable payment schedules while ensuring steady revenue flow for county operations. The assessment and collection process is administered by the county's Commissioner of Revenue and Treasurer's office, who work together to maintain accurate property records and facilitate timely tax collection.

Section 2

What Makes Up Your Tax Bill

ComponentRate per $100Description
Real Estate$0.670Base county levy for real property (FY 2025)
Tangible Personal Property$0.670*Vehicles, boats, business equipment
Machinery and Tools$0.670*Business and industrial equipment
Merchants' Capital$0.670*Business inventory and stock

*Note: Personal property rates may differ from real estate rates. Verify current rates with the Commissioner of Revenue.

Important: Tax rates shown are for Fiscal Year 2025 and represent base county levies. Additional assessments may apply depending on your property's location within special taxing districts, fire districts, or other service areas. The total effective rate can vary significantly based on these additional district assessments. Contact the Floyd County Commissioner of Revenue at 540-745-9345 for specific rates applicable to your property location.

Section 3

When Are Property Taxes Due?

For the 2025/2026 tax year in Floyd County, property taxes are due in two installments:

Pro tip: If you pay through mortgage escrow, your lender splits these payments across your monthly mortgage. If you pay directly, set calendar reminders to avoid late penalties.
Section 4

Supplemental Tax Bills

Supplemental taxes in Floyd County are additional property tax assessments that occur when there are changes in property ownership, value, or use between regular assessment periods. The most common triggers include the sale of property to a new owner, completion of new construction or major improvements, and changes in property classification or use.

When a supplemental assessment is issued, the tax is calculated based on the difference between the new assessed value and the previous assessed value, prorated for the remaining months in the tax year. For example, if a property sells in March and the new assessment increases the value by $50,000, the new owner would pay supplemental taxes on that $50,000 increase for the remaining 9 months of the fiscal year.

Example: A property assessed at $200,000 sells in September with a new assessment of $275,000. The supplemental tax would be calculated on the $75,000 increase: ($75,000 ÷ 100) × $0.670 × (9 months ÷ 12 months) = $376.25 in additional taxes due for the remainder of the fiscal year.

Example Calculation

Property Value: $300,000

  • Assessed Value: $300,000
  • Less: Homestead Credit (if qualified): -$1,000*
  • Net Taxable Value: $299,000
  • Annual Tax: $299,000 ÷ 100 × $0.670 = $2,003
  • Monthly Escrow: $167

Property Value: $600,000

  • Assessed Value: $600,000
  • Less: Homestead Credit (if qualified): -$1,000*
  • Less: Elderly/Disabled Credit (if qualified): -$2,000*
  • Net Taxable Value: $597,000
  • Annual Tax: $597,000 ÷ 100 × $0.670 = $4,000
  • Monthly Escrow: $333

Property Value: $1,000,000

  • Assessed Value: $1,000,000
  • Less: Homestead Credit (if qualified): -$1,000*
  • Net Taxable Value: $999,000
  • Annual Tax: $999,000 ÷ 100 × $0.670 = $6,693
  • Monthly Escrow: $558

*Tax credits shown are examples and require annual application. Actual credit amounts may vary. Contact the Commissioner of Revenue to verify available credits and application requirements.

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Section 5

Escrow & Property Taxes

Most mortgage lenders in Floyd County require borrowers to maintain an escrow account for property tax payments, particularly for loans with less than 20% down payment. Your lender collects monthly escrow payments along with your mortgage payment, then remits taxes directly to Floyd County on your behalf according to the established due dates.

Lenders typically collect escrow payments based on the previous year's tax bill plus a small cushion to account for potential increases. When Floyd County issues new tax bills, lenders perform an escrow analysis to ensure adequate funds are available. If taxes increase significantly, you may face an escrow shortage requiring additional monthly payments or a lump sum payment to bring the account current.

Property owners with escrow accounts should verify that their lender has received and processed tax bills correctly. You can confirm payments have been made by checking with the Floyd County Treasurer's office or accessing online payment records. If you pay off your mortgage or refinance, ensure there's no gap in tax payment responsibility during the transition period.

How HonestCasa Helps
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Section 6

Frequently Asked Questions

Q: When are Floyd County property taxes due for FY 2025? A: Real estate taxes are due June 26, 2025 (first half) and December 5, 2025 (second half). Personal property taxes are due May 10, 2025 and November 10, 2025. If due dates fall on weekends or holidays, payment is due the next business day.

Q: What tax credits are available and do they require application? A: Floyd County offers several tax credits including homestead credits for primary residences and elderly/disabled credits for qualifying seniors. All credits require annual application - they are not automatic. Contact the Commissioner of Revenue at 540-745-9345 for applications and deadlines.

Q: How does the Homestead Credit work? A: The Homestead Credit typically caps annual assessment increases (often around 10% per year) rather than reducing the actual market value. This credit requires filing an application with supporting documentation proving primary residence status. The application must be renewed annually before the deadline.

Q: When does Floyd County reassess properties? A: Floyd County conducts general reassessments periodically, typically every 4-6 years. Property owners receive assessment notices and have the right to appeal within 30 days of the notice date. Appeals are filed with the Board of Equalization.

Q: What are the penalties for late property tax payments? A: Floyd County charges penalties and interest on delinquent taxes. Penalties typically begin accruing after the due date, with additional interest charges applied monthly. Contact the Treasurer's office for specific penalty rates and payment arrangements.

Q: Can I pay property taxes online? A: Yes, Floyd County offers online payment options through their official website. You can pay by electronic check or credit card, though credit card payments may include processing fees. Contact the Treasurer's office for online payment portal access and accepted payment methods.

Q: How do special district taxes affect my bill? A: Depending on your property location, you may pay additional taxes for fire districts, water/sewer districts, or other special service areas. These appear as separate line items on your tax bill and vary by location within the county.

Q: What if I disagree with my property assessment? A: Property owners can appeal their assessment by filing a formal appeal with Floyd County's Board of Equalization within 30 days of receiving their assessment notice. The appeal should include supporting evidence such as recent appraisals, comparable sales, or documentation of property condition issues.

Verified Sources

Backed by 10 Official Government Sources

Every fact in this guide is sourced from official county, state, and federal documents.

01
County
Tax Rates for County, City, Town, and Districts. TY 2024tax.virginia.gov
02
County
Commissioner of the Revenue | Floyd County, VAfloydcova.gov
03
County
Tax Rates for County, City, Town, and Districts. TY 2023tax.virginia.gov
04
Tax Doc
REMINDER: Tax Deadline Approachingfloydcova.gov
05
County
Floyd County: Treasurerin.gov
06
Treasurerfloydcova.gov
07
§ 58.1-3219.4. Partial exemption for structures in ...law.lis.virginia.gov
08
Legislation - Bill Search | LISlis.virginia.gov
09
Tax Doc
NONRESIDENT - Virginia Taxtax.virginia.gov
10
Tax Doc
FORM 770 - Virginia Taxtax.virginia.gov
All sources verified as of 2025 Tax Year

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