Mount Solon, Virginia Property Taxes
The median property tax rate in Mount Solon, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Mount Solon at $192,800, the typical annual property tax bill amounts to $1,097, well below the national median of $2,690. Property taxes in Mount Solon 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 Mount Solon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mount Solon or another part of Augusta County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Solon, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,215
$1,127
Ownwell’s Mount Solon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Solon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Solon 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 Mount Solon, Virginia
Property taxes in Mount Solon, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Solon is 0.63%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Mount Solon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Solon 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 Mount Solon's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22843 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Mount Solon provides valuable insights into the varying tax landscape across Augusta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Solon Tax Rate
0.63%
Average Augusta County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Solon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22843 | 0.28% | 0.58% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Mount Solon, Virginia
In Mount Solon, 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 Augusta 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 Mount Solon, 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 Mount Solon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22843 has both the highest and lowest median tax bill, standing at $1,097, which reflects the median home price of $192,800.
Average Mount Solon Assessed Value
$192,800
Average Augusta County Assessed Value
$204,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Solon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22843 | $71,220 | $125,000 | $192,800 | $296,400 | $526,753 |
Source: Ownwell
Property Tax Bills Across Mount Solon, Virginia
In Mount Solon, located in Augusta County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Mount Solon experience property tax bills that vary significantly, with the 25th percentile tax bill at $718 and the 75th percentile reaching $1,597. The highest median tax bill in the area is $1,097, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. These assessments are crucial as they directly impact the amount homeowners owe in property taxes. For homeowners, understanding these factors is essential for managing their annual tax obligations and planning their finances. Lower property tax rates in Mount Solon can make homeownership more affordable compared to many other regions in the country.
Average Mount Solon Tax Bill
$1,097
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Solon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22843 | $361 | $718 | $1,097 | $1,597 | $2,174 |
Source: Ownwell