Hume, Virginia Property Taxes
The median property tax rate in Hume, VA is 0.91%, slightly lower than the national median of 0.99% but higher than Virginia's state median of 0.89%. With the median home value in Hume, the typical annual property tax bill reaches $4,439, significantly surpassing the national median of $2,690. Property taxes in Hume are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hume'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 Hume or another part of Fauquier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hume, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$5,051
Ownwell’s Hume Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hume with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hume 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 Hume, Virginia
Property taxes in Hume, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hume is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hume set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hume 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 Hume's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22639 has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Hume provides valuable insights into the varying tax landscape across Fauquier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hume Tax Rate
0.91%
Average Fauquier County Tax Rate
0.91%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hume, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22639 | 0.33% | 0.72% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Hume, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hume, 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 local 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. Assessment notices in Hume 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 Hume helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $555,100, with the highest median tax bill at $4,439 in the 22639 zip code.
Average Hume Assessed Value
$555,100
Average Fauquier County Assessed Value
$435,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hume, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22639 | $162,670 | $334,175 | $555,100 | $821,775 | $1,253,050 |
Source: Ownwell
Property Tax Bills Across Hume, Virginia
In Hume, located in Fauquier County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Hume can expect property tax bills that vary significantly depending on the value of their homes. For instance, the 25th percentile tax bill is around $2,470, while the 75th percentile reaches up to $6,245. At the higher end, the 90th percentile tax bill can be as much as $9,200. Compared to the national median property tax rate of 0.99%, the property taxes in Hume can be relatively high, especially for more valuable homes. This can impact homeowners by increasing their annual expenses, making it essential for them to budget accordingly. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances more effectively.
Average Hume Tax Bill
$4,439
Average Fauquier County Tax Bill
$3,881
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hume, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22639 | $87 | $2,470 | $4,439 | $6,245 | $9,200 |
Source: Ownwell