Mineral, Virginia Property Taxes
The median property tax rate in Mineral, VA is 0.77%, 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 Mineral at $406,500, the typical annual property tax bill reaches $3,136, surpassing the national median of $2,690. Property taxes in Mineral 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 Mineral'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 Mineral 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
Mineral, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Mineral Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral 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 Mineral, Virginia
Property taxes in Mineral, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Mineral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral 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 Mineral's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23117 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Mineral provides valuable insights into the varying tax landscape across Spotsylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Tax Rate
0.77%
Average Spotsylvania County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23117 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Mineral, Virginia
In Mineral, 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 Spotsylvania 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 Mineral, 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 Mineral helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 23117 has the highest median tax bill of $3136, which is significantly above the national median property tax rate of 0.99%.
Average Mineral Assessed Value
$406,500
Average Spotsylvania County Assessed Value
$279,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23117 | $109,980 | $241,100 | $406,500 | $633,500 | $885,200 |
Source: Ownwell
Property Tax Bills Across Mineral, Virginia
In Mineral, located in Spotsylvania County, VA, property tax bills are calculated based on the assessed value of a home. The local government determines this assessed value, which is typically a percentage of the property's market value. Homeowners in Mineral can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile tax bill is $1,860, while the 75th percentile reaches $4,871, and the 90th percentile climbs to $6,823. These figures highlight the range of tax burdens that homeowners might face. The highest median tax bill in the area is $3,136, which is above the national median property tax rate of 0.99%. This means that homeowners in Mineral may pay more or less than the national average, depending on their specific property assessments. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall cost of homeownership.
Average Mineral Tax Bill
$3,136
Average Spotsylvania County Tax Bill
$2,149
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23117 | $765 | $1,860 | $3,136 | $4,871 | $6,823 |
Source: Ownwell