Stony Creek, Virginia Property Taxes
The median property tax rate in Stony Creek, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $90,300 in Stony Creek, the typical annual property tax bill is around $406, well below the national median of $2,690. Property taxes in Stony Creek 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 Stony Creek'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 Stony Creek or another part of Sussex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stony Creek, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$433
Ownwell’s Stony Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stony Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stony Creek 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 Stony Creek, Virginia
Property taxes in Stony Creek, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Stony Creek is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Stony Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stony Creek 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 Stony Creek's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23882 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Stony Creek provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stony Creek Tax Rate
0.48%
Average Sussex County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stony Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23882 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Stony Creek, Virginia
In Stony Creek, 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 Sussex 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 Stony Creek, 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 Stony Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23882 has both the highest and lowest median tax bill at $406, reflecting a consistent tax environment within the area.
Average Stony Creek Assessed Value
$90,300
Average Sussex County Assessed Value
$103,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stony Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23882 | $19,600 | $47,900 | $90,300 | $165,750 | $252,500 |
Source: Ownwell
Property Tax Bills Across Stony Creek, Virginia
In Stony Creek, Sussex County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Stony Creek, the median home price is $90,300. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in the 25th percentile can expect a tax bill around $204, while those in the 75th percentile might see a bill closer to $758. At the 90th percentile, the tax bill can reach up to $1,154. Comparatively, the median property tax bill in Stony Creek is $406, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable and attractive in the area, but it also means fewer local resources funded by property taxes.
Average Stony Creek Tax Bill
$406
Average Sussex County Tax Bill
$480
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Stony Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23882 | $91 | $204 | $406 | $758 | $1,154 |
Source: Ownwell