Smyth County Real Estate and Livability Trends
In Smyth County, Virginia, the average taxable income has risen substantially, from about $39,048.05 in 2013 to approximately $49,309.05 in 2021, highlighting potential economic growth that could attract real estate investors. Concurrently, median home values have jumped from $88,900 in 2015 to $120,600 in 2022, although they remain notably lower than the statewide median of $339,800. Real estate... Read more
Smyth County Market Trends
Smyth County, Virginia, has seen its median home values rise from $88,900 in 2015 to $120,600 in 2022, making it significantly more affordable than the statewide median of $339,800. The upward trend in residential energy tax credits over the past eight years, reaching a peak of $1054.55 in 2021, may suggest growing local investment in energy-efficient home improvements. Real estate taxes have... Read more
Median Value of Occupied Housing Units in Smyth County, Virginia Over the Last 8 Years
Over the last eight years, Smyth County, Virginia, has seen a steady rise in median home values, from $88,900 in 2015 to $120,600 in 2022. Compared to Virginia's statewide median value of $339,800 in 2022 and the national median of $179,400, Smyth County remains significantly more affordable. This trend may indicate potential investment opportunities in an otherwise steady housing market, attractive to those looking for lower entry points in property investments or seeking more affordable living options within the state.
Residential Energy Tax Credit Per Tax Return in Smyth County, VA Over the Last 8 Years
Smyth County, Virginia, has shown a notable upward trend in the average residential energy tax credit per tax return over the past eight years. Starting at around $257.69 in 2013, the average increased steadily, reaching $350.00 by 2016. However, more significant jumps occurred after 2017, with an average of $716.67 in 2019, $912.50 in 2020, and peaking at approximately $1054.55 in 2021. This upward trajectory may suggest growing investments in energy-efficient home improvements and an increased awareness of energy tax credit opportunities among residents, making it an attractive area for those looking to invest in sustainable real estate or energy-efficient home projects.
Average Real Estate Taxes Per Tax Return in Smyth County, VA Over the Last 10 Years
Over the last decade, Smyth County, Virginia has seen a noticeable rise in average real estate taxes per tax return. Starting at approximately $1455.76 in 2012, property taxes experienced a general upward trend, peaking at $2214.81 in 2020 before slightly declining to $2156.00 in 2021. The most significant jump appeared between 2017 and 2018, indicating a potential shift in property values or tax policies. These changes suggest a possibly evolving real estate landscape, important for investors, appraisers, and real estate agents to consider when evaluating property investments, market dynamics, or future tax implications in the area.
Percentage of Farm Returns in Smyth County, VA Over the Last 10 Years
Smyth County, Virginia shows a slight decline in farm tax returns over the last decade, dropping from approximately 4.98% in 2012 to around 4.21% in 2021. Farm tax returns reflect the portion of taxpayers who declare farm income and expenses on their tax forms, which can indicate the level of agricultural activity and economic reliance on farming in the area. This subtle decrease might hint at either a shift in the local economy away from farming or changes in reporting practices. For investors, builders, and new residents, understanding this trend could provide insights into the evolving economic landscape of Smyth County.
Number of Mortgages by Occupancy Type in Smyth County, VA Over the Last 5 Years in Smyth County
The number of mortgages in Smyth County, Virginia has seen notable fluctuations over the past five years, particularly in the principal residence category, which peaked at 1064 in 2021 before declining to 876 in 2022. Investment properties and second residences show smaller but steady changes, with investment properties slightly decreasing from 35 in 2018 to 29 in 2019, then hovering around the mid-40s. Shifts in occupancy type can signal economic trends or shifts in consumer preference, which is critical for investors assessing market stability or appraisers determining property values. Real estate agents and those looking to move to the area may also find this data insightful for understanding housing demand dynamics, potentially influencing property availability and pricing strategies.
Economic Outlook
In Smyth County, Virginia, the average taxable income has risen from about $39,048.05 in 2013 to approximately $49,309.05 in 2021, signaling potential economic growth and increasing property values. Such trends could pique the interest of investors and real estate agents keen on capitalizing on the area's economic progression. Concurrently, state and local income taxes have fluctuated, with a peak in 2019 at $7,813.33 and a 2021 figure of $6,292.86, indicating possible economic or policy... Read more
Average Taxable Income per Tax Return in Smyth County, VA over the last 9 years
Over the past nine years in Smyth County, Virginia, there's been a noticeable upward trend in the average taxable income per tax return, rising from approximately $39,048.05 in 2013 to about $49,309.05 in 2021. This incremental increase signals potential economic growth, which could intrigue investors and real estate agents eyeing the area. The steady rise in income might also interest appraisers and insurance agents as it suggests increasing property values and a possibly thriving local market. This trend may appeal to those considering moving to the area, seeing promise in the county's economic progression.
Average State and Local Income Taxes Per Tax Return in Smyth County, VA Over the Last 10 Years
The average state and local income taxes per tax return in Smyth County, Virginia, have seen notable fluctuations over the past decade. Starting at $4,322.94 in 2012, there was a gradual increase until 2016, peaking at $5,125.17 in 2015 before a slight decline in 2016 and 2017. A significant spike occurred in 2018, reaching $6,125.71, and an even more dramatic rise in 2019 to $7,813.33. The last recorded value for 2021 stands at $6,292.86. These trends could suggest economic shifts or policy changes affecting tax liabilities, which might interest those considering financial and real estate decisions in the county.
Average Total Tax Liability Per Tax Return in Smyth County, VA Over the Last 10 Years
The average total tax liability per tax return in Smyth County, Virginia, has generally trended upward over the past decade. Notably, there was a significant increase in 2021, reaching $5983.26, hinting at potential economic development or changes in taxable income levels. Such trends might interest investors and real estate agents when evaluating the area’s financial climate. While insurance agents and appraisers could view the increasing liabilities as a sign of rising property values, potential residents and builders might need to prepare for higher taxes as part of their financial planning.
Cost of Living in Smyth County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,026 | $1,387 | $1,512 | $997 | $965 |
| 1 adult 4 children | $1,026 | $1,133 | $1,154 | $997 | $1,070 |
| 2 adults 3 children | $1,026 | $1,133 | $1,313 | $997 | $799 |
| 1 adult 3 children | $1,026 | $925 | $955 | $997 | $821 |
| 2 adults 2 children | $793 | $928 | $1,114 | $871 | $686 |
| 1 adult 2 children | $793 | $693 | $756 | $871 | $628 |
| 2 adults 1 child | $793 | $733 | $915 | $461 | $665 |
| 1 adult 1 child | $793 | $474 | $557 | $461 | $585 |
| 2 adults | $681 | $589 | $716 | $0 | $596 |
| 1 adult | $530 | $321 | $358 | $0 | $496 |
Safety trends & Data
Smyth County, Virginia has seen a gradual decrease in property crimes over the last five years, including a significant drop in larceny-theft from 114 incidents in 2018 to 60 in 2022 and burglaries from 13 in 2019 to just 3 in 2022. However, vandalism has increased slightly, from 5 cases in 2020 to 10 in 2022. Motor vehicle thefts and fraud have shown minor fluctuations but remain consistent overall. These trends may impact the real estate market, influencing insurance rates and buyer... Read more
Property Crime Trends in Smyth County, VA Over the Last 5 Years
Smyth County, Virginia has experienced varied trends in property crimes over the last five years. Larceny-theft appears to be the most common property crime, peaking at 114 incidents in 2018 and then gradually decreasing to 60 by 2022. Burglary incidents saw a notable drop from 13 in 2019 to just 3 in 2022. Motor vehicle thefts have remained fairly stable with minor fluctuations, averaging around 8 per year. Vandalism cases rose slightly from 5 in 2020 to 10 in 2022. Fraud has had a consistent presence, with a slight decrease from 20 incidents in 2019 to 8 in 2022. These trends indicate a potential decrease in some types of property crime but highlight continuing issues that could be pertinent for real estate investors, insurance agents, and residents concerned with local crime rates.
Demographics
Smyth County, Virginia, shows a slight female majority in its adult population. Educationally, a significant portion of the population only has a high school diploma, with a noticeable drop in those attaining higher education degrees. Age distribution reveals an older population, with the largest groups being those aged 45 to 64 years. Racially, the County is predominantly White, with very small percentages of other races, emphasizing a lack of... Read more
Race Distribution in Smyth County, Virginia (2022)
Educational Attainment in Smyth County, Virginia (2022)
Age Distribution in Smyth County, Virginia
Citizen Population in Smyth County, Virginia (2022)
Political Trends & Data
Smyth County, Virginia's real estate market may be influenced by its strong Republican leaning as seen in the 2020 U.S. Presidential Election, where nearly 78% of votes likely went to the GOP. This political landscape might shape community values and priorities, potentially appealing to buyers with similar political preferences while posing challenges for those with opposing... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Smyth County, Virginia leaned heavily Republican in the 2020 U.S. Presidential Election, with close to 78% of votes likely going to the GOP. Democrats garnered around 21%, showing a significant gap. Minor parties, including the Libertarians, held minimal sway, each attracting less than 1% of the vote. This suggests a strong Republican presence and potentially limited competition from other parties in this area.
77.55% of voters voted for the Republican party in the 2020 Presidential Election
21.28% of voters voted for the Democrat party in the 2020 Presidential Election
0.94% of voters voted for the Livertarian party in the 2020 Presidential Election
0.23% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the past decade, Smyth County, Virginia has seen fluctuations in the student-to-teacher ratio, peaking in 2015 at 15 and declining to approximately 12 by 2023. This trend is notable for investors, residents, and real estate professionals as a lower ratio can mean more individualized student attention, attracting families. This shift could potentially impact property values and desirability, especially with ratios dipping below the national average of 14 students per teacher, making Smyth... Read more
Student-to-teacher ratio in Smyth County, Virginia over the last 10 years
Over the past decade, the student-to-teacher ratio in Smyth County, Virginia has seen notable fluctuations, with a peak in 2015 at 15 students per teacher and a steady decline since 2019, reaching a low of approximately 12 in 2023. This trend is significant for potential investors, residents, and real estate professionals, as a lower student-to-teacher ratio often indicates smaller class sizes and potentially more individualized attention for students, which can be a considerable draw for families considering a move. Additionally, insurance agents and appraisers might find this data relevant as it could influence property values and insurability, given that quality education is a key factor in residential desirability. With ratios recently dipping below the national average of 14 students per teacher, Smyth County may be positioning itself as a more attractive destination for those prioritizing educational quality.
