Mcgaheysville, Virginia Property Taxes
The median property tax rate in McGaheysville, VA is 0.68%, which is 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 $4,954,500, the typical annual property tax bill reaches $27,234, significantly exceeding the national median of $2,690. Property taxes in McGaheysville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the 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
Mcgaheysville, 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 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 Mcgaheysville, 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 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 areas in Virginia and the national median. For comparison, the zip code 22840 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median 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 Mcgaheysville 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 Mcgaheysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22840 | 0.63% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Mcgaheysville, 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 zip code 22840 has the highest and lowest median tax bill at $27,234, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Mcgaheysville, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Mcgaheysville Assessed Value
$4,954,500
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 Mcgaheysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22840 | $133,600 | $779,250 | $4,954,500 | $10,923,450 | $12,610,200 |
Source: Ownwell
Property Tax Bills Across Mcgaheysville, Virginia
In McGaheysville, Rockingham County, VA, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $4,954,500, homeowners can expect significant tax bills, ranging from $5,299 at the 25th percentile to $85,749 at the 90th percentile. Several factors influence the property tax bill, including the property's market value, local assessment rates, and any applicable exemptions or deductions. Higher-valued properties naturally incur higher taxes. The median tax bill in McGaheysville stands out compared to the national median property tax rate of 0.99%, illustrating the area's higher tax burden. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense. Accurately assessed values and awareness of potential exemptions can help manage this financial obligation effectively.
Average Mcgaheysville Tax Bill
$27,234
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcgaheysville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22840 | $908 | $5,299 | $27,234 | $74,279 | $85,749 |
Source: Ownwell