Studley, Virginia Property Taxes
The median property tax rate in Studley, VA is 0.81%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $160,050 in Studley, the typical annual property tax bill amounts to $1,296, falling below the national median of $2,690. Property taxes in Studley are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Studley'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 Studley or another part of Hanover County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Studley, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,296
Ownwell’s Studley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Studley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Studley 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 Studley, Virginia
Property taxes in Studley, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Studley is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Studley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Studley 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 Studley's effective property tax rate to other areas in Hanover County and the national median. For comparison, the zip code 23162 within Hanover County has the same median property tax rate of 0.81%. Understanding how these areas compare with Studley provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Studley Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Studley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23162 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Studley, Virginia
In Studley, 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 Hanover 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 Studley, 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 Studley 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 bill is 23162, with a median tax bill of $1,296.
Average Studley Assessed Value
$160,050
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Studley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23162 | $147,770 | $152,375 | $160,050 | $167,725 | $172,330 |
Source: Ownwell
Property Tax Bills Across Studley, Virginia
In Studley, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate set by Hanover County. The assessed value is determined by the county assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners in Studley, the median home price is $160,050, which serves as a basis for these calculations. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $1,234, while at the 75th percentile, it rises to $1,359. The 90th percentile tax bill is $1,396, indicating that higher-valued properties incur higher taxes. Compared to the national median property tax rate of 0.99%, Studley's property tax rates offer a competitive landscape for homeowners. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Studley Tax Bill
$1,296
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Studley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23162 | $1,197 | $1,234 | $1,296 | $1,359 | $1,396 |
Source: Ownwell