Mc Dowell, Virginia Property Taxes
The median property tax rate in McDowell, VA is 0.48%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in McDowell at $179,800, the typical annual property tax bill reaches $863, significantly below the national median of $2,690. Property taxes in McDowell 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 McDowell'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 McDowell or another part of Highland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Dowell, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$863
Ownwell’s MC DOWELL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC DOWELL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC DOWELL 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 Mc Dowell, Virginia
Property taxes in Mc Dowell, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Dowell is 0.48%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Mc Dowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Dowell 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 Mc Dowell's effective property tax rate to other counties in Virginia and the national median. For comparison, the ZIP code 24458 has the highest median property tax rate of 0.48%, while the same ZIP code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Mc Dowell provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Dowell Tax Rate
0.48%
Average Highland County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Dowell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24458 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Mc Dowell, Virginia
In MC DOWELL, 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 Highland 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 MC DOWELL, 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. The median home price in MC DOWELL is $179,800, with tax bills ranging from $488 at the 25th percentile to $2,844 at the 90th percentile. The highest and lowest median tax bills, both $863, are found in the 24458 zip code. Being aware of these valuation processes in MC DOWELL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Dowell Assessed Value
$179,800
Average Highland County Assessed Value
$166,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Dowell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24458 | $51,920 | $101,700 | $179,800 | $347,300 | $592,440 |
Source: Ownwell
Property Tax Bills Across Mc Dowell, Virginia
In McDowell, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, in Highland County, where McDowell is located, the median home price is $179,800. Homeowners in the 25th percentile of tax bills pay around $488, while those in the 75th percentile pay approximately $1,667. At the 90th percentile, tax bills can reach up to $2,844. Various factors influence the assessed value, including the property's location, size, and condition. Additionally, market trends and local government budgets play a role in determining the tax rate. For homeowners, these taxes fund essential services such as schools, emergency services, and infrastructure. Understanding how these elements interact helps homeowners anticipate their tax obligations and plan their finances accordingly. Notably, the highest and lowest median tax bills in McDowell both stand at $863, highlighting a relatively stable tax environment within the locality.
Average Mc Dowell Tax Bill
$863
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Dowell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24458 | $249 | $488 | $863 | $1,667 | $2,844 |
Source: Ownwell