Rockville, Virginia Property Taxes
The median property tax rate in Rockville, VA is 0.81%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Rockville at $397,800, the typical annual property tax bill is $3,235, surpassing the national median of $2,690. Property taxes in Rockville 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 Rockville'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 Rockville 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
Rockville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$3,222
Ownwell’s Rockville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rockville with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Rockville to provide an accurate estimate of your property tax bill. This tool offers valuable insights into potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Hanover County, is used for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Rockville, Virginia
Property taxes in Rockville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockville is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Rockville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockville 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 Rockville's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23146 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Rockville provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockville Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23146 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Rockville, Virginia
In Rockville, 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 Hanover 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 Rockville, 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 Rockville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill is $3,235 in the 23146 zip code, while the lowest median tax bill is also $3,235 in the same zip code.
Average Rockville Assessed Value
$397,800
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23146 | $95,000 | $237,350 | $397,800 | $559,050 | $808,580 |
Source: Ownwell
Property Tax Bills Across Rockville, Virginia
In Rockville, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the property tax rate set by Hanover County. For instance, with a median home price of $397,800, homeowners can expect varying tax bills depending on the assessed value and specific tax rate. Several factors influence the final tax bill, including property size, location, and market conditions. In Rockville, the tax bills range significantly, with the 25th percentile at $1,975 and the 75th percentile at $4,535. The 90th percentile tax bill can reach up to $6,572, reflecting the disparity in property values and assessments. These tax bills impact homeowners by contributing to their annual financial obligations. Compared to the national median property tax rate of 0.99%, Rockville's tax bills highlight the importance of understanding local property tax rates and their implications on homeownership costs.
Average Rockville Tax Bill
$3,235
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23146 | $808 | $1,975 | $3,235 | $4,535 | $6,572 |
Source: Ownwell