Mount Airy, Virginia Property Taxes
The median property tax rate in Mount Airy, VA is 0.73%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $28,500 in Mount Airy, the typical annual property tax bill is $208, significantly below the national median of $2,690. Property taxes in Mount Airy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mount Airy'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 Mount Airy 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
Mount Airy, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$208
Ownwell’s Mount Airy Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mount Airy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Airy 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 Mount Airy, Virginia
Property taxes in Mount Airy, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Airy is 0.73%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Mount Airy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Airy 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. Understanding how these cities compare with Mount Airy provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Airy Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Airy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27030 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Mount Airy, Virginia
In Mount Airy, 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 Patrick 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 Mount Airy, 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 Mount Airy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 27030, both valued at $208.
Average Mount Airy Assessed Value
$28,500
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Airy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27030 | $28,500 | $28,500 | $28,500 | $28,500 | $28,500 |
Source: Ownwell
Property Tax Bills Across Mount Airy, Virginia
In Mount Airy, VA, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor's office. For a median home price of $28,500, the tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all at $208. This consistency indicates a stable tax rate within the region. The property tax rate in Mount Airy is influenced by several factors, including the property's assessed value and the local tax rate set by Patrick County. Homeowners in Mount Airy pay a median property tax bill of $208, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable and attractive in the area. For homeowners, understanding how their property tax bill is calculated is crucial. It not only affects their annual expenses but also plays a role in long-term financial planning and the overall cost of owning a home.
Average Mount Airy Tax Bill
$208
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Airy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27030 | $208 | $208 | $208 | $208 | $208 |
Source: Ownwell