Monterey, Virginia Property Taxes
The median property tax rate in Monterey, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Monterey, the typical annual property tax bill reaches $829, well below the national median of $2,690. Property taxes in Monterey 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 Monterey'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 Monterey 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
Monterey, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$829
Ownwell’s Monterey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monterey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monterey 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 Monterey, Virginia
Property taxes in Monterey, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monterey is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Monterey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterey 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 Monterey's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24465 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Monterey provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monterey Tax Rate
0.48%
Average Highland County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterey, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, Virginia
In Monterey, 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 Highland County 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 Monterey, 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 Monterey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24465 has the highest and lowest median tax bill, both at $829, indicating a consistent tax landscape across the area.
Average Monterey Assessed Value
$172,800
Average Highland County Assessed Value
$166,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monterey, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | $62,820 | $102,100 | $172,800 | $295,950 | $492,720 |
Source: Ownwell
Property Tax Bills Across Monterey, Virginia
In Monterey, Highland County, VA, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value by evaluating various factors such as the home's condition, size, location, and comparable property sales in the area. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Monterey, the median home price is $172,800. Depending on the specific assessed value and applicable exemptions, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $489, while the 75th percentile reaches $1,421. At the higher end, the 90th percentile tax bill can be as much as $2,370. The highest and lowest median tax bills in the area are both $829, corresponding to the zip code 24465. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life.
Average Monterey Tax Bill
$829
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterey, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | $301 | $489 | $829 | $1,421 | $2,370 |
Source: Ownwell