Staunton, Virginia Property Taxes
The median property tax rate in Staunton, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Staunton at $224,100, the typical annual property tax bill reaches $1,366, well below the national median of $2,690. Property taxes in Staunton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Staunton'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 Staunton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Staunton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,412
$1,310
Ownwell’s Staunton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Staunton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Staunton 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 Staunton, Virginia
Property taxes in Staunton, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Staunton is 0.63%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Staunton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Staunton 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 Staunton's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24401 zip code has the highest median property tax rate of 0.63%, while the 24401 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Staunton 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 Staunton 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 Staunton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24401 | 0.53% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Staunton, Virginia
In Staunton, 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 Staunton, 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. For example, the zip code 24401 has the highest and lowest median tax bill, both at $1366. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Staunton Assessed Value
$224,100
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 Staunton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24401 | $119,220 | $164,400 | $224,100 | $322,900 | $456,843 |
Source: Ownwell
Property Tax Bills Across Staunton, Virginia
In Staunton, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Staunton can expect to pay around $1,366 annually, which aligns with the median tax bill in the area. This figure is derived from various factors, including the property's location, size, and overall condition. The tax bill can vary significantly, with the 25th percentile at $1,013 and the 75th percentile reaching $1,913. For those at the 90th percentile, the tax bill can be as high as $2,523. These variations highlight how different property characteristics and market conditions can impact the final tax amount. Compared to the national median property tax rate of 0.99%, Staunton's property tax rates provide a relatively moderate tax burden for homeowners. Understanding these factors can help residents anticipate their annual property tax obligations and plan their finances accordingly.
Average Staunton Tax Bill
$1,366
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Staunton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24401 | $714 | $1,013 | $1,366 | $1,913 | $2,523 |
Source: Ownwell