Massies Mill, Virginia Property Taxes
The median property tax rate in Massies Mill, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $167,800 in Massies Mill, the typical annual property tax bill amounts to $1,004, well below the national median of $2,690. Property taxes in Massies Mill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Massies Mill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Massies Mill or another part of Nelson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Massies Mill, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,091
Ownwell’s MASSIES MILL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MASSIES MILL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MASSIES MILL 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 Massies Mill, Virginia
Property taxes in Massies Mill, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Massies Mill is 0.65%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Massies Mill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Massies Mill 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 Massies Mill's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22967 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Massies Mill 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 Massies Mill 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 Massies Mill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22967 | 0.33% | 0.60% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Massies Mill, Virginia
In Massies Mill, 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 Nelson 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 Massies Mill, 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 Massies Mill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $1,004 in the zip code 22967.
Average Massies Mill Assessed Value
$167,800
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 Massies Mill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22967 | $13,300 | $68,150 | $167,800 | $325,500 | $483,960 |
Source: Ownwell
Property Tax Bills Across Massies Mill, Virginia
In Massies Mill, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county's assessor and reflects the property's market value. Homeowners in Massies Mill can expect varying tax bills depending on the value of their homes. For instance, the median home price is $167,800, and tax bills range significantly. The 25th percentile tax bill is around $265, while the 75th percentile tax bill reaches $1,493. At the 90th percentile, homeowners may see tax bills as high as $2,402. The local median property tax rate in Nelson County is 0.60%, which is lower than the national median property tax rate of 0.99%. This relatively lower rate can be advantageous for homeowners, potentially making Massies Mill an attractive place to live. However, the actual tax bill can still vary widely based on the specific assessed value of each property, impacting homeowners' annual financial planning.
Average Massies Mill Tax Bill
$1,004
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Massies Mill, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22967 | $56 | $265 | $1,004 | $1,493 | $2,402 |
Source: Ownwell