Montpelier, Hanover County, Virginia Property Taxes
Median Montpelier, VA effective property tax rate: 0.81%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Montpelier, VA home value: $333,000
Median annual Montpelier, VA tax bill: $2,700, $300 higher than the national median property tax bill of $2,400.
How are property taxes in Hanover calculated?
Property taxes in Montpelier, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Montpelier’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Montpelier, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Montpelier, Hanover County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.81%
Estimate Property Tax Bill
$2,697
$2,503
Property Tax Rates Across Montpelier, Hanover County, Virginia
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Montpelier Tax Rate
0.81%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hanover County Tax Rate
0.81%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Montpelier, Hanover County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23192 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Montpelier, Hanover County, Virginia
When examining property taxes in Montpelier, Virginia, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hanover County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Hanover County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Montpelier. For example, the median home price in Montpelier is $333,000, with tax bills ranging significantly across the county. Zip code 23192 has the highest median home price at $333,000.
Property Tax Assessment Values Across Montpelier, Hanover County, Virginia
Source: Ownwell
$281,600
$339,700
$397,800
Median Montpelier Market Value
$333,000
Median Hanover County Market Value
$334,500
Median Virginia Market Value
$298,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Montpelier, Hanover County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23192 | $106,700 | $186,500 | $333,000 | $493,200 | $667,220 |
Source: Ownwell
Property Tax Bills Across Montpelier, Hanover County, Virginia
In Montpelier, Hanover County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Montpelier, the tax bill can vary significantly, with the 25th percentile at $1,516 and the 75th percentile reaching $3,999, reflecting the diversity in property values and tax burdens within the area. Notably, the highest median tax bill in the region is $2,700, which aligns with the lowest median tax bill, indicating a consistent rate across different zip codes in the area.
Property taxes can have a substantial impact on homeowners, influencing their overall cost of homeownership and financial planning. Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially reduce their tax burden, ensuring they are not overpaying and are taking advantage of any available exemptions. This can lead to significant savings and a more manageable financial outlook.
Median Montpelier Tax Bill
$2,700
Median Hanover County Tax Bill
$2,727
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Montpelier, Hanover County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23192 | $874 | $1,516 | $2,700 | $3,999 | $5,405 |
Source: Ownwell