Property Taxes in Monterey, Virginia
Median Monterey, Virginia effective property tax rate: 0.44%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Monterey, Virginia home value: $219,700
Median annual Monterey, Virginia tax bill: $971, lower than the national median property tax bill of $2,400.
How are property taxes in Highland calculated?
Property taxes in Monterey, Virginia 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 Monterey's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Monterey, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Monterey Property Tax Calculator Work?
Use this Monterey property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Monterey's median effective tax rate of 0.44% — based on actual property records in Highland County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Monterey's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Monterey: rates range from 0.44% in 24465 to 0.44% in 24465, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Monterey.
About Monterey Property Taxes
About Property Taxes in Monterey, Highland, Virginia
Monterey's median effective property tax rate of 0.44% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Highland County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Monterey. Homeowners in ZIP code 24465 carry a median effective rate of 0.44%, while those in the same ZIP code also pay 0.44%. This spread reflects how school district boundaries and local assessment districts are drawn across Highland County. Understanding which part of Monterey you live in can make a meaningful difference to your annual tax bill.
Monterey homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the May 15, 2024 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Monterey, Highland County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Monterey's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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 Monterey Tax Rate
0.44%
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 Highland County Tax Rate
0.44%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Monterey, Highland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, Highland County, Virginia
When examining property taxes in Monterey, 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 Highland County assessment office 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.
Assessment notices are sent in the spring each year and typically reach your mailbox by the middle of the month. Each property owner receives a notice that contains both the market value and assessed value, along with an estimate of your property tax bill.
For example, the median home price in Monterey is $219,700, with tax bills ranging across the county. ZIP code 24465 has the highest median home price at $219,700. The median property tax bill is $971, compared with the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.
Property Tax Assessment Values Across Monterey, Highland County, Virginia
Source: Ownwell
$170,100
$201,275
$232,450
Median Monterey Market Value
$219,700
Median Highland County Market Value
$214,000
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Monterey, Highland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | $83,490 | $135,050 | $219,700 | $365,325 | $597,890 |
Source: Ownwell
Property Tax Bills Across Monterey, Highland County, Virginia
Property tax bills in Monterey are based on the assessed value of a home, not its market price alone. Local taxing authorities apply the tax rate to that assessed value, and the final bill can also reflect exemptions, special district levies, and other local charges. For homeowners, this means two similar homes can receive different tax bills if their assessed values or tax settings differ.
With a median home price of $219,700, property taxes can still vary widely from one homeowner to another. The 25th percentile tax bill is $590, while the 75th percentile is $1,607 and the 90th percentile reaches $2,638. In the county, the highest and lowest median tax bill is $971 in ZIP code 24465.
Because property taxes are tied to assessed value, any increase in that value can raise a homeowner’s bill. That makes understanding the assessment process important for budgeting and for spotting potential overassessment.
Median Monterey Tax Bill
$971
Median Highland County Tax Bill
$943
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Monterey, Highland County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24465 | $367 | $590 | $971 | $1,607 | $2,638 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
Links | |
|---|---|
| Highland Tax Assessor | |
| Website | www.webgis.net |