Stuart, Virginia Property Taxes
The median property tax rate in Stuart, VA is 0.73%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Stuart, the typical annual property tax bill is $558, significantly below the national median of $2,690. Property taxes in Stuart are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Stuart'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 Stuart or another part of Patrick County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stuart, 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 Stuart Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stuart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stuart 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 Stuart, Virginia
Property taxes in Stuart, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stuart is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Stuart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stuart 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 Stuart's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24171 has both the highest and lowest median property tax rate of 0.73%, reflecting the uniformity within the region. Understanding how these cities compare with Stuart provides valuable insights into the varying tax landscape across Patrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stuart Tax Rate
0.73%
Average Patrick County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stuart, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24171 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Stuart, Virginia
In Stuart, 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 Patrick 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 Stuart, 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 Stuart 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 24171, with a median tax bill of $558.
Average Stuart Assessed Value
$76,400
Average Patrick County Assessed Value
$79,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stuart, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24171 | $18,500 | $40,600 | $76,400 | $124,425 | $182,400 |
Source: Ownwell
Property Tax Bills Across Stuart, Virginia
Property tax bills in Stuart, located in Patrick County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's assessment office, which evaluates the property's market value. In Stuart, the median home price is $76,400. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence property tax bills, including property size, location, and any improvements or renovations. Homeowners in Stuart can expect tax bills ranging from $296 at the 25th percentile to $908 at the 75th percentile, with the 90th percentile reaching $1,332. The highest and lowest median tax bills in the area both stand at $558, specifically in the zip code 24171. Compared to the national median property tax rate of 0.99%, the property tax burden in Stuart can be relatively moderate, providing some relief for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Stuart Tax Bill
$558
Average Patrick County Tax Bill
$580
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Stuart, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24171 | $135 | $296 | $558 | $908 | $1,332 |
Source: Ownwell