Staunton, Virginia Property Taxes
The median property tax rate in Staunton, VA is 0.89%, slightly below the national median of 0.99% and equal to the Virginia state median of 0.89%. With a median home value in Staunton of $203,200, the typical annual property tax bill amounts to $1,812, which is lower than the national median of $2,690. Property taxes in Staunton are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Staunton'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 Staunton or another part of the city, comprehending the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Staunton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,808
$1,678
Ownwell’s Staunton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Staunton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Staunton 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 Staunton, Virginia
Property taxes in Staunton, Virginia, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Staunton is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Staunton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Staunton 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 Staunton's effective property tax rate to other regions and the national median. For comparison, the zip code 24401 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Staunton provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Staunton Tax Rate
0.89%
Average Staunton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Staunton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24401 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Staunton, Virginia
In Staunton, 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 local 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 Staunton, 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 Staunton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Staunton are both $1,812 in the 24401 zip code.
Average Staunton Assessed Value
$203,200
Average Staunton County Assessed Value
$203,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Staunton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24401 | $43,040 | $147,050 | $203,200 | $270,258 | $365,363 |
Source: Ownwell
Property Tax Bills Across Staunton, Virginia
In Staunton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Staunton, the median home price is $203,200, which provides a basis for calculating the property tax. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and local tax rates. For instance, the tax bill at the 25th percentile is $1,318, while at the 75th percentile, it rises to $2,406. The highest median tax bill in the area is $1,812, located in zip code 24401. This system ensures that homeowners contribute to local services proportionally to their property's value. With the national median property tax rate at 0.99%, Staunton's rates offer a comparative perspective for homeowners evaluating their financial obligations.
Average Staunton Tax Bill
$1,812
Average Staunton County Tax Bill
$1,812
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Staunton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24401 | $420 | $1,318 | $1,812 | $2,406 | $3,249 |
Source: Ownwell