Virginia City, Nevada Property Taxes
The median property tax rate in Virginia City, NV is 1.08%, higher than both the national median of 0.99% and the Nevada state median of 0.80%. With the median home value in Virginia City at $137,262, the typical annual property tax bill reaches $1,434, which is below the national median of $2,690. Property taxes in Virginia City are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Virginia City'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 Virginia City or another part of Storey County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virginia City, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,482
$1,376
Ownwell’s Virginia City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virginia City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virginia City 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 Virginia City, Nevada
Property taxes in Virginia City, Nevada, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virginia City is 1.08%, higher than both the Nevada state median and the U.S. national median of 0.99%. Local government entities within Virginia City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virginia City 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 Virginia City's effective property tax rate to other counties in Nevada and the national median. For comparison, the 89440 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Virginia City provides valuable insights into the varying tax landscape across Storey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Virginia City Tax Rate
1.08%
Average Storey County Tax Rate
0.98%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virginia City, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89440 | 0.84% | 0.96% | 1.08% | 1.14% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Virginia City, Nevada
In Virginia City, Nevada, 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 Storey County Assessor's Office 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 Virginia City, 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 Virginia City 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 89440, with a median tax bill of $1,434.
Average Virginia City Assessed Value
$137,262
Average Storey County Assessed Value
$161,718
Average Nevada Assessed Value
$225,374
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Virginia City, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89440 | $54,490 | $87,288 | $137,262 | $205,338 | $308,869 |
Source: Ownwell
Property Tax Bills Across Virginia City, Nevada
In Virginia City, located in Storey County, NV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Virginia City see a range of property tax bills, with the 25th percentile at $880 and the 75th percentile at $2,249. For those in the 90th percentile, the tax bill can be as high as $3,338. The median home price in Virginia City is $137,262, which influences the assessed value and, consequently, the property tax bill. Compared to the national median property tax rate of 0.99%, the property taxes in Virginia City reflect the unique valuations and tax rates set by local authorities. These tax bills are crucial for homeowners as they impact annual expenses and the overall cost of homeownership. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Virginia City Tax Bill
$1,434
Average Storey County Tax Bill
$1,283
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Virginia City, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89440 | $576 | $880 | $1,434 | $2,249 | $3,338 |
Source: Ownwell