Mustoe, Virginia Property Taxes
The median property tax rate in Mustoe, VA is 0.48%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Mustoe at $601,250, the typical annual property tax bill reaches $2,886, surpassing the national median of $2,690. Property taxes in Mustoe 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 Mustoe'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 Mustoe or another part of Highland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mustoe, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$2,886
Ownwell’s Mustoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mustoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mustoe 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 Mustoe, Virginia
Property taxes in Mustoe, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mustoe is 0.48%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Mustoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mustoe 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 Mustoe's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24465 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these areas compare with Mustoe provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mustoe Tax Rate
0.48%
Average Highland County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mustoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Mustoe, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mustoe, Virginia. 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 Highland 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 Mustoe, 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. For instance, the median home price in Mustoe is $601,250, with tax bills ranging from $2,228 at the 25th percentile to $3,939 at the 90th percentile. The zip code 24465 has both the highest and lowest median tax bill, at $2,886. 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 Mustoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mustoe Assessed Value
$601,250
Average Highland County Assessed Value
$166,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mustoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | $381,850 | $464,125 | $601,250 | $738,375 | $820,650 |
Source: Ownwell
Property Tax Bills Across Mustoe, Virginia
In Mustoe, Highland County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. Several factors influence this calculation, including the home's market value, property size, and any applicable exemptions or deductions. For homeowners in Mustoe, the median home price is $601,250. Property tax bills can vary significantly, with the 25th percentile at $2,228 and the 75th percentile at $3,544. The 90th percentile reaches up to $3,939. Compared to the national median property tax rate of 0.99%, Mustoe's homeowners may find their tax rates to be relatively moderate or high, depending on their specific property assessments. These tax bills have a direct impact on homeowners' annual expenses, influencing their financial planning and overall cost of living. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Mustoe Tax Bill
$2,886
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mustoe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | $1,833 | $2,228 | $2,886 | $3,544 | $3,939 |
Source: Ownwell