Montebello, Virginia Property Taxes
The median property tax rate in Montebello, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Montebello at $136,400, the typical annual property tax bill is $722, which is well below the national median of $2,690. Property taxes in Montebello 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 Montebello'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 Montebello 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
Montebello, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$887
Ownwell’s Montebello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montebello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montebello 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 Montebello, Virginia
Property taxes in Montebello, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montebello is 0.65%, lower than the U.S. national median of 0.99%. Local government entities within Montebello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montebello 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 Montebello's effective property tax rate to other areas in Nelson County and the national median. For comparison, the zip code 24464 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Montebello provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montebello Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montebello, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24464 | 0.26% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Montebello, Virginia
In Montebello, 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 Nelson 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 Montebello, 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. For instance, the median home price in Montebello is $136,400, and the median tax bill can range significantly. The 25th percentile tax bill is $287, while the 75th percentile tax bill is $1,586, and the 90th percentile tax bill reaches up to $2,252. The highest and lowest median tax bill in Montebello is $722, found in the 24464 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montebello Assessed Value
$136,400
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montebello, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24464 | $23,040 | $48,900 | $136,400 | $302,400 | $456,440 |
Source: Ownwell
Property Tax Bills Across Montebello, Virginia
In Montebello, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value considers factors such as the property's market value, location, and any improvements made. Homeowners in Montebello can expect their property tax bill to reflect these assessments, with the median home price in the area being $136,400. For many residents, property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $287, while those in the 75th percentile might see bills closer to $1,586. At the higher end, the 90th percentile tax bill can reach up to $2,252. This wide range illustrates how different factors, including property value and specific location within Montebello, impact the overall tax burden. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Montebello's property taxes align with broader trends. Homeowners should be aware of these factors to better anticipate their annual property tax obligations.
Average Montebello Tax Bill
$722
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Montebello, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24464 | $124 | $287 | $722 | $1,586 | $2,252 |
Source: Ownwell