Amherst, Virginia Property Taxes
The median property tax rate in Amherst, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Amherst, the typical annual property tax bill amounts to $673, well below the national median of $2,690. Property taxes in Amherst are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Amherst'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 Amherst 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
Amherst, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$715
Ownwell’s Amherst Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Amherst with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amherst 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 Amherst, Virginia
Property taxes in Amherst, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Amherst is 0.65%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Amherst set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amherst 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 Amherst's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24521 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Amherst provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amherst Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amherst, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24521 | 0.45% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Amherst, Virginia
In Amherst, 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 local 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 Amherst, 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 Amherst helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $673.00 in zip code 24521, while the lowest median tax bill is also $673.00 in the same zip code.
Average Amherst Assessed Value
$110,000
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amherst, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24521 | $24,180 | $36,000 | $110,000 | $237,300 | $389,160 |
Source: Ownwell
Property Tax Bills Across Amherst, Virginia
In Amherst, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the property's market value. For a median home priced at $110,000, the tax bill varies significantly. Homeowners in the 25th percentile pay around $233, while those in the 75th percentile face a bill of approximately $1,496. At the 90th percentile, the tax bill can reach up to $2,166. These figures highlight the range of property tax burdens within the community, influenced by factors such as property size, location, and improvements. The highest and lowest median tax bills in the area are both recorded at $673 in the 24521 zip code, indicating some consistency in tax assessments within that particular region. Compared to the national median property tax rate of 0.99%, Amherst's tax rates present a varied landscape that can significantly impact homeowners' financial planning and overall cost of living.
Average Amherst Tax Bill
$673
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Amherst, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24521 | $119 | $233 | $673 | $1,496 | $2,166 |
Source: Ownwell