Williamsville, Virginia Property Taxes
The median property tax rate in Williamsville, VA is 0.48%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Williamsville at $152,500, the typical annual property tax bill is $732, well below the national median of $2,690. Property taxes in Williamsville 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 Williamsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Williamsville or another part of Highland County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Williamsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$732
Ownwell’s Williamsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsville 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 Williamsville, Virginia
Property taxes in Williamsville, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsville is 0.48%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Williamsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsville 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 Williamsville's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24487 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 Williamsville 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 Williamsville 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 Williamsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24487 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Williamsville, Virginia
In Williamsville, 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 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 Williamsville, 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 Williamsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24487 has both the highest and lowest median tax bill, valued at $732.
Property Tax Assessment Values Across Williamsville, Virginia
Source: Ownwell
$131,400
$366,325
$601,250
Average Williamsville Assessed Value
$152,500
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 Williamsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24487 | $47,590 | $96,675 | $152,500 | $265,025 | $397,140 |
Source: Ownwell
Property Tax Bills Across Williamsville, Virginia
In Williamsville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to calculate the tax bill. For example, with a median home price of $152,500, homeowners in Williamsville can expect to pay varying amounts depending on their property's specific assessed value. The 25th percentile tax bill is approximately $464, while the 75th percentile reaches around $1272. For those in the 90th percentile, tax bills can be as high as $1906. These tax bills are influenced by several factors, including the property's location, size, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Williamsville's rates reflect the local economic conditions and funding needs for public services. Homeowners need to consider these factors as they significantly impact their annual financial planning and the overall affordability of owning property in the area.
Average Williamsville Tax Bill
$732
Average Highland County Tax Bill
$799
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24487 | $228 | $464 | $732 | $1,272 | $1,906 |
Source: Ownwell