Crozet, Virginia Property Taxes
The median property tax rate in Crozet, VA is 0.63%, which is significantly 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 $143,700, the typical annual property tax bill amounts to $905, falling well below the national median of $2,690. Property taxes in Crozet are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Crozet's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Crozet or another part of the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Crozet, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$905
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 0.63%, 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 0.63%. Understanding how these cities compare with Crozet provides valuable insights into the varying tax landscape across Augusta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crozet Tax Rate
0.63%
Average Augusta County Tax Rate
0.63%
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 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
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 Augusta 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 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. Notably, the zip code 22932 has both the highest and lowest median tax bill at $905, highlighting a uniformity in tax burdens within the area.
Average Crozet Assessed Value
$143,700
Average Augusta County Assessed Value
$204,500
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 | $143,700 | $143,700 | $143,700 | $143,700 | $143,700 |
Source: Ownwell
Property Tax Bills Across Crozet, Virginia
Property tax bills in Crozet, part of Augusta County, VA, are determined by assessing the market value of a property and applying the local tax rate to this assessed value. The median home price in Crozet is $143,700, and homeowners typically see a property tax bill of around $905, regardless of the home's value percentile. This consistency in tax bills is somewhat unique compared to other regions. To calculate the tax bill, the local government assesses the market value of each property. This assessed value is then multiplied by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Crozet benefit from a relatively predictable tax bill, which can aid in financial planning. This stability stands in contrast to the national median property tax rate of 0.99%, showcasing Crozet's unique approach to property taxation. The uniformity in tax bills ensures that homeowners are not burdened disproportionately, fostering a more equitable community.
Average Crozet Tax Bill
$905
Average Augusta County Tax Bill
$1,250
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 | $905 | $905 | $905 | $905 | $905 |
Source: Ownwell