Stanardsville, Virginia Property Taxes
The median property tax rate in Stanardsville, VA is 0.74%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Stanardsville at $124,600, the typical annual property tax bill amounts to $922, falling well below the national median of $2,690. Property taxes in Stanardsville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Stanardsville'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 Stanardsville 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
Stanardsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$922
$856
Ownwell’s Stanardsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stanardsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stanardsville 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 Stanardsville, Virginia
Property taxes in Stanardsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanardsville is 0.74%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Stanardsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stanardsville 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 Stanardsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22973 zip code has the highest median property tax rate of 0.74%, while the 22973 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Stanardsville provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stanardsville Tax Rate
0.74%
Average Madison County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanardsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22973 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Stanardsville, Virginia
In Stanardsville, 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 Madison County assessment office 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 Stanardsville, 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. The median home price in Stanardsville is $124,600. The highest and lowest median tax bill in the area, both at $922, are associated with the 22973 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Stanardsville, Virginia
Source: Ownwell
$124,600
$193,550
$262,500
Average Stanardsville Assessed Value
$124,600
Average Madison County Assessed Value
$210,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stanardsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22973 | $74,700 | $98,700 | $124,600 | $169,100 | $278,400 |
Source: Ownwell
Property Tax Bills Across Stanardsville, Virginia
In Stanardsville, VA, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined based on the market value of the property, which is periodically evaluated by local authorities. For example, with a median home price of $124,600, homeowners can expect their tax bill to fall within a range influenced by various factors such as property size, location, and improvements. The tax bill in Stanardsville can vary significantly. At the 25th percentile, the tax bill is around $730, while at the 75th percentile, it rises to approximately $1,165. For those at the 90th percentile, the tax bill can reach up to $1,701. These figures highlight the range of property tax obligations that homeowners might face, depending on their property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, Stanardsville's tax rates reflect the local economic conditions and funding needs for public services. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Stanardsville Tax Bill
$922
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanardsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22973 | $553 | $730 | $922 | $1,165 | $1,701 |
Source: Ownwell