Pilot, Virginia Property Taxes
The median property tax rate in PILOT, VA is 0.70%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in PILOT at $152,600, the typical annual property tax bill is $1,058, significantly below the national median of $2,690. Property taxes in PILOT are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding PILOT'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 PILOT or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pilot, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,068
$991
Ownwell’s PILOT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PILOT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PILOT 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 Pilot, Virginia
Property taxes in PILOT, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in PILOT is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within PILOT set these rates annually, and they can vary significantly across different neighborhoods. Each year, PILOT 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 PILOT's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24138 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with PILOT 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 Pilot Tax Rate
0.70%
Average Montgomery County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pilot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24138 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Pilot, Virginia
In PILOT, 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. In PILOT, 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 PILOT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24138 in PILOT has both the highest and lowest median tax bill at $1058.
Average Pilot Assessed Value
$152,600
Average Montgomery County Assessed Value
$250,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pilot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24138 | $39,560 | $103,900 | $152,600 | $230,700 | $297,260 |
Source: Ownwell
Property Tax Bills Across Pilot, Virginia
In PILOT, 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 determine the annual tax bill. For instance, with a median home price of $152,600, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $727, while those in the 75th percentile face bills of approximately $1580. At the 90th percentile, the tax bill can reach up to $2054. Factors that influence these tax bills include the home's assessed value, local tax rates, and any applicable exemptions or abatements. These property taxes are crucial for funding public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, homeowners in PILOT experience a range of tax burdens, affecting their overall financial planning and homeownership costs.
Average Pilot Tax Bill
$1,058
Average Montgomery County Tax Bill
$1,751
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Pilot, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24138 | $277 | $727 | $1,058 | $1,580 | $2,054 |
Source: Ownwell