Meadowview, Virginia Property Taxes
The median property tax rate in Meadowview, VA is 0.60%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Meadowview at $111,500, the typical annual property tax bill reaches $620, significantly below the national median of $2,690. Property taxes in Meadowview 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 Meadowview'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 Meadowview 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
Meadowview, 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 Meadowview Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Meadowview using just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Meadowview to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Meadowview, Virginia
Property taxes in Meadowview, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meadowview is 0.60%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Meadowview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meadowview 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 Meadowview's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24361 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Meadowview provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meadowview Tax Rate
0.60%
Average Washington County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meadowview, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24361 | 0.37% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Meadowview, Virginia
In Meadowview, 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 Washington 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 Meadowview, 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. For instance, in Meadowview, the median home price is $111,500, with tax bills ranging from $414 at the 25th percentile to $1,279 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Meadowview Assessed Value
$111,500
Average Washington County Assessed Value
$132,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meadowview, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24361 | $39,440 | $74,800 | $111,500 | $166,400 | $248,580 |
Source: Ownwell
Property Tax Bills Across Meadowview, Virginia
In Meadowview, located in Washington County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in Meadowview is $111,500. Property taxes are determined by multiplying this assessed value by the local tax rate. For example, homeowners in the 25th percentile can expect a tax bill of around $414, while those in the 75th percentile may see bills up to $928. The 90th percentile tax bill can reach as high as $1,279. Factors that influence the tax bill include the property's assessed value, which is determined by the county assessor, and the local tax rate. These rates are set by local governments and can vary from year to year. Compared to the national median property tax rate of 0.99%, Meadowview's rates provide a useful perspective for homeowners. Higher tax bills can affect homeowners by increasing their annual expenses, which is an essential consideration for budgeting and financial planning.
Average Meadowview Tax Bill
$620
Average Washington County Tax Bill
$753
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Meadowview, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24361 | $192 | $414 | $620 | $928 | $1,279 |
Source: Ownwell