Stonega, Virginia Property Taxes
The median property tax rate in Stonega, VA is 0.69%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $30,500 in Stonega, the typical annual property tax bill is $207, significantly below the national median of $2,690. Property taxes in Stonega 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 Stonega'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 Stonega or another part of Wise County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stonega, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$210
$195
Ownwell’s Stonega Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stonega with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonega 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 Stonega, Virginia
Property taxes in Stonega, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonega is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Stonega set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stonega 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 Stonega's effective property tax rate to other areas in Virginia and the national median. For comparison, the 24216 ZIP code has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Stonega provides valuable insights into the varying tax landscape across Wise County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stonega Tax Rate
0.69%
Average Wise County Tax Rate
0.69%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stonega, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24216 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Stonega, Virginia
In Stonega, 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 Wise 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 Stonega, 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 Stonega helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24216 has the highest and lowest median tax bill of $207.
Average Stonega Assessed Value
$30,500
Average Wise County Assessed Value
$75,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stonega, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24216 | $11,340 | $20,900 | $30,500 | $46,500 | $64,140 |
Source: Ownwell
Property Tax Bills Across Stonega, Virginia
In Stonega, a city in Wise County, VA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Stonega typically receive a tax bill that falls between the 25th percentile of $138 and the 75th percentile of $299, with the 90th percentile reaching up to $399. The median home price in Stonega is $30,500, which is significantly lower than the national median. This lower home value contributes to relatively modest property tax bills compared to areas with higher property values. The highest and lowest median tax bills in the city both stand at $207, highlighting a consistent tax rate across different zip codes. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in the area.
Average Stonega Tax Bill
$207
Average Wise County Tax Bill
$501
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Stonega, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24216 | $77 | $138 | $207 | $299 | $399 |
Source: Ownwell