White Stone, Virginia Property Taxes
The median property tax rate in White Stone, VA, is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in White Stone at $296,650, the typical annual property tax bill amounts to $1,773, which is well below the national median of $2,690. Property taxes in White Stone are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding White Stone's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of White Stone or another part of Lancaster County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
White Stone, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s White Stone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in White Stone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in White Stone 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 White Stone, Virginia
Property taxes in White Stone, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in White Stone is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within White Stone set these rates annually, and they can vary significantly across different neighborhoods. Each year, White Stone 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 White Stone's effective property tax rate to other areas in Lancaster County and the national median. For comparison, the zip code 22578 has both the highest and lowest median property tax rate in the region, at 0.63%. Understanding how these areas compare with White Stone provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average White Stone Tax Rate
0.63%
Average Lancaster County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across White Stone, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22578 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across White Stone, Virginia
In White Stone, 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 Lancaster 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 White Stone, 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 White Stone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22578 has the highest median tax bill at $1,773, which can be a useful reference point for homeowners.
Average White Stone Assessed Value
$296,650
Average Lancaster County Assessed Value
$195,250
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across White Stone, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22578 | $65,780 | $125,325 | $296,650 | $586,375 | $821,530 |
Source: Ownwell
Property Tax Bills Across White Stone, Virginia
In White Stone, Lancaster County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and represents the market value of the property. Homeowners in White Stone can expect property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $763, while at the 75th percentile, it rises to $3,642. At the 90th percentile, the tax bill can reach as high as $5,124. The median home price in White Stone is $296,650, and the property tax rate is influenced by this valuation. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Factors like property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Consequently, homeowners need to stay informed about their property assessments and any potential exemptions they may qualify for to manage their tax liabilities effectively.
Average White Stone Tax Bill
$1,773
Average Lancaster County Tax Bill
$1,042
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across White Stone, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22578 | $388 | $763 | $1,773 | $3,642 | $5,124 |
Source: Ownwell