Crozet, Virginia Property Taxes
The median property tax rate in Crozet, VA is 0.85%, slightly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Crozet at $498,100, the typical annual property tax bill reaches $4,110, significantly higher than the national median of $2,690. Property taxes in Crozet are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crozet's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Crozet or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crozet, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$4,234
Ownwell’s Crozet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crozet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crozet to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Crozet, Virginia
Property taxes in Crozet, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crozet is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Crozet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crozet estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Crozet's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22932 has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Crozet provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crozet Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crozet, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22932 | 0.77% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Crozet, Virginia
In Crozet, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Albemarle County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Crozet, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Crozet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Crozet, the highest median tax bill is $4,110 in the 22932 zip code, which also has the lowest median tax bill, reflecting a wide range of property values and tax situations.
Average Crozet Assessed Value
$498,100
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crozet, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22932 | $247,140 | $349,400 | $498,100 | $696,750 | $894,630 |
Source: Ownwell
Property Tax Bills Across Crozet, Virginia
In Crozet, property tax bills are calculated based on the assessed value of a home, which is determined by the Albemarle County Assessor's Office. This assessed value is a percentage of the property's market value. The tax rate, set by local government authorities, is then applied to this assessed value to determine the annual property tax bill. Various factors such as property size, location, and market conditions influence the assessed value. For homeowners in Crozet, the median home price is approximately $498,100. Property tax bills can vary significantly, with the 25th percentile paying around $2,825 and the 75th percentile paying up to $5,731. At the 90th percentile, tax bills can reach $7,370. Compared to the national median property tax rate of 0.99%, Crozet's tax rates are reflective of the local market and property values. These property taxes are crucial for funding public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Crozet residents.
Average Crozet Tax Bill
$4,110
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Crozet, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22932 | $1,973 | $2,825 | $4,110 | $5,731 | $7,370 |
Source: Ownwell