Free Union, Virginia Property Taxes
The median property tax rate in Free Union, VA is 0.85%, which is slightly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Free Union at $581,100, the typical annual property tax bill reaches $3,996, surpassing the national median of $2,690. Property taxes in Free Union are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Free Union'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 Free Union 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
Free Union, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$4,939
Ownwell’s Free Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Free Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Free Union 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 Free Union, Virginia
Property taxes in Free Union, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Free Union is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Free Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Free Union 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 Free Union's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22940 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Free Union provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Free Union Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Free Union, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22940 | 0.43% | 0.61% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Free Union, Virginia
In Free Union, 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 Albemarle 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 Free Union, 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 Free Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22940 has both the highest and lowest median tax bill at $3,996.
Average Free Union Assessed Value
$581,100
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Free Union, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22940 | $240,800 | $356,800 | $581,100 | $1,016,000 | $1,801,960 |
Source: Ownwell
Property Tax Bills Across Free Union, Virginia
In Free Union, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Albemarle County. The assessed value is determined by the county assessor and reflects the estimated market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Free Union, the median home price stands at $581,100. Property tax bills can vary significantly, with the 25th percentile paying around $2,546 and the 75th percentile paying up to $7,343. The 90th percentile sees tax bills as high as $11,322. These figures highlight the variability in tax burdens based on property values. Compared to the national median property tax rate of 0.99%, homeowners in Free Union may find their tax bills to be relatively high, impacting their overall cost of homeownership. This variability underscores the importance of understanding how local tax rates and assessments influence individual tax obligations.
Average Free Union Tax Bill
$3,996
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Free Union, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22940 | $1,639 | $2,546 | $3,996 | $7,343 | $11,322 |
Source: Ownwell