Montpelier, Virginia Property Taxes
The median property tax rate in Montpelier, VA is 0.81%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $333,000 in Montpelier, the typical annual property tax bill reaches $2,700, slightly under the national median of $2,690. Property taxes in Montpelier are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montpelier'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 Montpelier 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
Montpelier, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,697
Ownwell’s Montpelier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montpelier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montpelier 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 Montpelier, Virginia
Property taxes in Montpelier, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montpelier is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Montpelier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montpelier 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 Montpelier's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23192 has the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Montpelier provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montpelier Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montpelier, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23192 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Montpelier, Virginia
In Montpelier, 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 Hanover 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 Montpelier, 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 instance, the highest median tax bill in the area is $2,700 in the 23192 zip code, while the lowest median tax bill is also $2,700 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montpelier Assessed Value
$333,000
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montpelier, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23192 | $106,700 | $186,500 | $333,000 | $493,200 | $667,220 |
Source: Ownwell
Property Tax Bills Across Montpelier, Virginia
In Montpelier, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Hanover County assessor's office. This assessed value reflects the market value of the property. Homeowners can expect their tax bill to be influenced by the assessed value and the local tax rate set by the county. For example, with a median home price of $333,000, tax bills can vary significantly. The 25th percentile tax bill is around $1,516, while the 75th percentile tax bill can reach $3,999. At the higher end, the 90th percentile tax bill is approximately $5,405. These figures illustrate the range of property tax obligations homeowners might face. Comparing these values to the national median property tax rate of 0.99%, Montpelier's tax rates can be seen as competitive. The highest and lowest median tax bills in the area are both $2,700, which indicates a level of consistency in taxation across different properties. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Montpelier Tax Bill
$2,700
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Montpelier, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23192 | $874 | $1,516 | $2,700 | $3,999 | $5,405 |
Source: Ownwell