Schuyler, Virginia Property Taxes
The median property tax rate in Schuyler, 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 Schuyler at $225,800, the typical annual property tax bill reaches $1,868, falling below the national median of $2,690. Property taxes in Schuyler are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Schuyler'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 Schuyler 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
Schuyler, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Schuyler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schuyler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schuyler 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 Schuyler, Virginia
Property taxes in Schuyler, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Schuyler is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Schuyler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schuyler 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 Schuyler's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22969 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Schuyler provides valuable insights into the varying tax landscape across Albemarle, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Schuyler 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 Schuyler, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22969 | 0.43% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Schuyler, Virginia
In Schuyler, 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 Appraisal District 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 Schuyler, 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. For instance, the median home price in Schuyler is $225,800, and the median tax bill is $1,868, which is considerably lower than the national median property tax rate of 0.99%. 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 Schuyler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Schuyler Assessed Value
$225,800
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 Schuyler, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22969 | $98,870 | $165,275 | $225,800 | $373,700 | $539,310 |
Source: Ownwell
Property Tax Bills Across Schuyler, Virginia
In Schuyler, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Schuyler is $225,800. Property tax bills in this region can vary significantly, with the 25th percentile paying around $1,336 and the 75th percentile paying up to $2,910. Homeowners in the 90th percentile see bills as high as $4,197. These property taxes fund essential community services such as public schools, infrastructure, and emergency services. While the national median property tax rate is 0.99%, the specific rate in Schuyler will directly impact how much homeowners pay. Understanding these factors can help homeowners budget more effectively and anticipate changes in their annual financial obligations.
Average Schuyler Tax Bill
$1,868
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Schuyler, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22969 | $716 | $1,336 | $1,868 | $2,910 | $4,197 |
Source: Ownwell