Montross, Virginia Property Taxes
The median property tax rate in Montross, VA is 0.62%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Montross at $61,900, the typical annual property tax bill reaches $383, significantly below the national median of $2,690. Property taxes in Montross are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montross'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 Montross or another part of Westmoreland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montross, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$384
Ownwell’s Montross Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montross with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montross 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 Montross, Virginia
Property taxes in Montross, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Montross is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Montross set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montross 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 Montross's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22520 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Montross provides valuable insights into the varying tax landscape across Westmoreland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montross Tax Rate
0.62%
Average Westmoreland County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montross, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22520 | 0.62% | 0.62% | 0.62% | 0.62% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Montross, Virginia
In Montross, 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 Westmoreland 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 Montross, 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 Montross helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Montross has a median home price of $61,900, with tax bills ranging from $129 at the 25th percentile to $2,349 at the 90th percentile. The zip code with the highest and lowest median tax bill is 22520, both at $383.
Average Montross Assessed Value
$61,900
Average Westmoreland County Assessed Value
$52,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montross, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22520 | $5,200 | $16,600 | $61,900 | $212,200 | $376,500 |
Source: Ownwell
Property Tax Bills Across Montross, Virginia
In Montross, located in Westmoreland County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Homeowners in Montross experience varying tax burdens depending on their property values. For instance, the median home price in the area is $61,900. The tax bill for homes at the 25th percentile is around $129, while those at the 75th percentile pay approximately $1,317. At the 90th percentile, the tax bill can reach up to $2,349. The highest and lowest median tax bills in the area are both $383, which is significantly below the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for Montross residents. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Montross Tax Bill
$383
Average Westmoreland County Tax Bill
$310
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Montross, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22520 | $32 | $129 | $383 | $1,317 | $2,349 |
Source: Ownwell