24465 Property Tax Rate

Property owners in ZIP code 24465 (Monterey, Virginia) pay a median of $1,206/year in property taxes on homes valued at $209,300. This translates to an effective tax rate of 0.58%, which is 14% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24465 is approximately $101, which factors into escrow payments on mortgages. This ZIP code is located within Highland County. This is $1,037 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24465 has higher property taxes. ZIP codes with similar effective rates include 22727 (0.58%) and 23123 (0.58%).

In Monterey, property taxes represent approximately 1.8% of the median household income of $65,500, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Highland County conducts all assessments locally without triggering reassessment at property transfer. Highland County provides circuit breaker relief for seniors 65+ and disabled homeowners with limited income, plus Land Use Taxation for agricultural and forest property. File for relief programs with the Highland County Assessor within 30 days of closing to secure eligible tax reductions.