Mc Gaheysville, Virginia Property Taxes
The median property tax rate in McGaheysville, VA is 0.68%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in McGaheysville at $282,800, the typical annual property tax bill is $1,914, which is also below the national median of $2,690. Property taxes in McGaheysville 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 McGaheysville'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 McGaheysville or another part of Rockingham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Gaheysville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,923
Ownwell’s McGaheysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McGaheysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McGaheysville 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 Mc Gaheysville, Virginia
Property taxes in McGaheysville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McGaheysville is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within McGaheysville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McGaheysville 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 McGaheysville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22840 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with McGaheysville provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Gaheysville Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Gaheysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22840 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Mc Gaheysville, Virginia
In McGaheysville, 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 Rockingham 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 McGaheysville, 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 McGaheysville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,914, found in zip code 22840.
Property Tax Assessment Values Across Mc Gaheysville, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Mc Gaheysville Assessed Value
$282,800
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Gaheysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22840 | $175,800 | $215,100 | $282,800 | $355,600 | $451,500 |
Source: Ownwell
Property Tax Bills Across Mc Gaheysville, Virginia
In McGaheysville, VA, property tax bills are calculated based on the assessed value of a homeowner’s property. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Rockingham County, where McGaheysville is located, can expect their property tax bills to vary significantly. For instance, the median home price in McGaheysville is $282,800. Property tax bills in this region range from the 25th percentile at $1,463 to the 75th percentile at $2,393, with the 90th percentile reaching up to $3,009. These figures illustrate the variability in tax bills, influenced by factors such as property size, location, and market conditions. Comparatively, the national median property tax rate is 0.99%, and McGaheysville's rates reflect a similar trend. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Mc Gaheysville Tax Bill
$1,914
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Gaheysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22840 | $1,181 | $1,463 | $1,914 | $2,393 | $3,009 |
Source: Ownwell