Mc Lean, Virginia Property Taxes
The median property tax rate in McLean, VA is 1.03%, slightly higher than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in McLean at $3,553,800, the typical annual property tax bill reaches $36,501, significantly exceeding the national median of $2,690. Property taxes in McLean 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 McLean'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 McLean or another part of Arlington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Lean, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$36,604
Ownwell’s MC LEAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC LEAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC LEAN 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 Mc Lean, Virginia
Property taxes in MC LEAN, VA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC LEAN is 1.03%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within MC LEAN set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC LEAN 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 MC LEAN's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22101 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these figures compare with MC LEAN provides valuable insights into the varying tax landscape across Arlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Lean Tax Rate
1.03%
Average Arlington County Tax Rate
1.03%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Lean, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22101 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Mc Lean, Virginia
In McLean, 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 Arlington 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 McLean, 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 McLean helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in McLean are both $36,501, found in the 22101 zip code.
Average Mc Lean Assessed Value
$3,553,800
Average Arlington County Assessed Value
$727,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Lean, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22101 | $686,960 | $2,187,900 | $3,553,800 | $5,656,150 | $11,061,800 |
Source: Ownwell
Property Tax Bills Across Mc Lean, Virginia
In McLean, 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 set by Arlington County. For instance, with a median home price of $3,553,800, homeowners can expect substantial tax bills. The 25th percentile tax bill is $21,205, while the 75th percentile reaches $55,474, and the 90th percentile soars to $77,736. These figures show a wide range of tax obligations, reflecting the varying property values within the area. Factors that influence the tax bill include the property's market value, any applicable exemptions, and local tax rates. For homeowners, these taxes can significantly impact annual expenses, making it crucial to understand how assessments and rates are determined. Compared to the national median property tax rate of 0.99%, McLean's property tax landscape is notably higher, placing a considerable financial responsibility on its residents.
Average Mc Lean Tax Bill
$36,501
Average Arlington County Tax Bill
$7,464
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Lean, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22101 | $6,235 | $21,205 | $36,501 | $55,474 | $77,736 |
Source: Ownwell