Potomac, Virginia Property Taxes
The median property tax rate in Potomac, VA is 1.14%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Potomac at $334,400, the typical annual property tax bill reaches $3,824, exceeding the national median of $2,690. Property taxes in Potomac 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 Potomac'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 Potomac 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
Potomac, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$3,812
Ownwell’s Potomac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potomac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potomac 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 Potomac, Virginia
Property taxes in Potomac, Virginia, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Potomac is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within Potomac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potomac 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 Potomac's effective property tax rate to other areas in Virginia and the national median. For comparison, the 20854 zip code has the highest median property tax rate of 1.14%, while the 20854 zip code also has the lowest median tax rate of 1.14%. Understanding how these areas compare with Potomac provides valuable insights into the varying tax landscape across Fairfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Potomac Tax Rate
1.14%
Average Fairfax County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potomac, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20854 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Potomac, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Potomac, Virginia. 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 Fairfax 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 Potomac, 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 Potomac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Potomac are both $3,824, found in the 20854 zip code.
Average Potomac Assessed Value
$334,400
Average Fairfax County Assessed Value
$616,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Potomac, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20854 | $334,400 | $334,400 | $334,400 | $334,400 | $334,400 |
Source: Ownwell
Property Tax Bills Across Potomac, Virginia
In Potomac, Fairfax County, VA, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and recent sales of comparable properties influence the assessed value. Homeowners in Potomac can expect a median property tax bill of $3,824, which is higher than the national median property tax rate of 0.99%. This can significantly impact homeowners' finances, as higher property taxes mean higher monthly mortgage payments and overall housing costs. For those in the 25th, 75th, and 90th percentiles, the tax bill remains consistent at $3,824, indicating a uniformity in tax rates across different property values. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Potomac Tax Bill
$3,824
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Potomac, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20854 | $3,824 | $3,824 | $3,824 | $3,824 | $3,824 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | June 6 |
| Due Date #2 | December 5 |
Links | |
|---|---|
| Fairfax Tax Assessor | |
| realestateoffice@fairfaxva.gov. | |