Montgomery, Virginia Property Taxes
The median property tax rate in Montgomery, VA is 1.14%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Montgomery, the typical annual property tax bill reaches $6,770, exceeding the national median of $2,690. Property taxes in Montgomery are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montgomery'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 Montgomery 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
Montgomery, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$6,749
Ownwell’s Montgomery Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Montgomery with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Montgomery to project your property tax bill. This valuable tool helps you gauge potential tax obligations. For those interested in neighborhood-specific trends, further localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Montgomery, Virginia
Property taxes in Montgomery, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery is 0.84%, which is lower than both the Virginia state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Montgomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery 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 Montgomery's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24060 zip code has the highest median property tax rate of 0.84%, while the 24060 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Montgomery provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montgomery Tax Rate
1.14%
Average Fairfax County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77356 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery, Virginia
In Montgomery, 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 Montgomery 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. Assessment notices in Montgomery 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 Montgomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Montgomery is $6,770 in the 77356 zip code, while the lowest is also $6,770 in the same zip code.
Property Tax Assessment Values Across Montgomery, Virginia
Source: Ownwell
$26,110
$12,068,795
$24,111,480
Average Montgomery Assessed Value
$592,000
Average Fairfax County Assessed Value
$616,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montgomery, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77356 | $592,000 | $592,000 | $592,000 | $592,000 | $592,000 |
Source: Ownwell
Property Tax Bills Across Montgomery, Virginia
In Montgomery, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Montgomery is $592,000, and the tax rate for the area results in a median tax bill of $6,770. Factors such as property size, location, and market conditions influence the assessed value, which in turn affects the tax bill. Homeowners in Montgomery can expect their property tax bills to reflect the value of their home, with the 25th, 75th, and 90th percentiles all aligning at $6,770. This consistency suggests a standardized approach to property valuation and taxation in the area. Compared to the national median property tax rate of 0.99%, Montgomery's tax rate may present a higher financial responsibility for homeowners. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances accordingly.
Average Montgomery Tax Bill
$6,770
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77356 | $6,770 | $6,770 | $6,770 | $6,770 | $6,770 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | June 6 |
| Due Date #2 | December 5 |
Links | |
|---|---|
| Fairfax Tax Assessor | |
| realestateoffice@fairfaxva.gov. | |