Verona, Virginia Property Taxes
The median property tax rate in Verona, 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 Verona at $167,500, the typical annual property tax bill amounts to $1,043, which is below the national median of $2,690. Property taxes in Verona are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Verona's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Verona or another part of Augusta County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Verona, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,055
$979
Ownwell’s Verona Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator leverages the median tax rate in Verona to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. The assessed value of your property is determined by the county for tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Verona, Virginia
Property taxes in Verona, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona 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 Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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. Understanding how these cities compare with Verona 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 Verona 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 Verona, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24482 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Virginia
In Verona, 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Verona is 24482, with a median tax bill of $1,043.
Average Verona Assessed Value
$167,500
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 Verona, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24482 | $105,660 | $124,700 | $167,500 | $223,800 | $330,223 |
Source: Ownwell
Property Tax Bills Across Verona, Virginia
In Verona, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Augusta County assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For Verona homeowners, the median home price is $167,500, and the property tax rate is reflective of the county's standards. Various factors influence the assessed value, including the property's size, location, and condition, as well as recent sales of comparable properties in the area. Homeowners in Verona can expect their property tax bills to vary significantly, with the 25th percentile paying around $776, while those in the 75th percentile see bills closer to $1,387. For those at the 90th percentile, the bill can reach up to $2,020. Comparatively, the median property tax bill in Verona is $1,043, which is higher than the national median property tax rate of 0.99%. This higher rate can impact homeowners by increasing their annual expenses, making it essential to understand how these taxes are calculated and budget accordingly.
Average Verona Tax Bill
$1,043
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24482 | $653 | $776 | $1,043 | $1,387 | $2,020 |
Source: Ownwell