Milford, Virginia Property Taxes
The median property tax rate in Milford, VA is 0.55%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Milford at $112,200, the typical annual property tax bill is $617, well below the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Milford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Milford or another part of King and Queen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$617
Ownwell’s Milford Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Milford. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Milford to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculation purposes, taking into account any applicable exemptions.
Property Tax Rates Across Milford, Virginia
Property taxes in Milford, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other areas and the national median. For comparison, the zip code 22514 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these areas compare with Milford provides valuable insights into the varying tax landscape across King and Queen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.55%
Average King And Queen County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Virginia
In Milford, 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 King and Queen 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 22514, with a median tax bill of $617.00.
Average Milford Assessed Value
$112,200
Average King And Queen County Assessed Value
$136,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | $86,450 | $88,925 | $112,200 | $176,200 | $251,980 |
Source: Ownwell
Property Tax Bills Across Milford, Virginia
In Milford, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's tax assessor and reflects the market value of the property. Homeowners in Milford can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $489 and the 75th percentile reaching $969. The highest median tax bill in the area is $617, which aligns with the median tax bill for the zip code 22514. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, a home with a median price of $112,200 would have its tax calculated based on the local tax rate applied to this assessed value. Compared to the national median property tax rate of 0.99%, Milford's property taxes can have a substantial impact on homeowners, affecting their annual expenses and overall cost of living. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Milford Tax Bill
$617
Average King And Queen County Tax Bill
$749
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | $475 | $489 | $617 | $969 | $1,386 |
Source: Ownwell