Verona, Virginia Property Taxes
The median property tax rate in Verona, VA is 0.89%, aligning with the state median but slightly below the national median of 0.99%. With a median home value of $231,500, the typical annual property tax bill in Verona is $2,060, which is lower than the national median of $2,690. Property taxes in Verona 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. Understanding Verona'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 Verona 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
Verona, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$2,060
Ownwell’s Verona Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Verona to provide an accurate estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed information, scrolling down reveals trends and localized data at the neighborhood level. Your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Verona, Virginia
Property taxes in Verona, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24482 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Verona provides valuable insights into the varying tax landscape across Staunton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
0.89%
Average Staunton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24482 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Virginia
In Verona, 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 Staunton 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Verona are both $2,060, found in zip code 24482.
Average Verona Assessed Value
$231,500
Average Staunton County Assessed Value
$203,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24482 | $231,500 | $231,500 | $231,500 | $231,500 | $231,500 |
Source: Ownwell
Property Tax Bills Across Verona, Virginia
In Verona, located in Staunton County, VA, property tax bills are determined based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Verona is $231,500, and the property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Interestingly, Verona has a uniform property tax bill across different percentiles, with the 25th, 75th, and 90th percentiles all having a tax bill of $2,060. This consistency suggests a standardized approach to tax assessments in the area. Compared to the national median property tax rate of 0.99%, homeowners in Verona experience a relatively predictable tax environment. For homeowners, understanding how these factors contribute to their tax bill is crucial for financial planning and managing annual property-related expenses.
Average Verona Tax Bill
$2,060
Average Staunton County Tax Bill
$1,812
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24482 | $2,060 | $2,060 | $2,060 | $2,060 | $2,060 |
Source: Ownwell