Somerset, Virginia Property Taxes
The median property tax rate in Somerset, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $208,400 in Somerset, the typical annual property tax bill is approximately $1,542, which is below the national median of $2,690. Property taxes in Somerset are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Somerset'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 Somerset 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
Somerset, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,542
Ownwell’s Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Virginia
Property taxes in Somerset, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22972 zip code has the highest median property tax rate of 0.74%, while the 22972 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Somerset provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
0.74%
Average Madison County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | 0.64% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Virginia
In Somerset, 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 Madison 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 Somerset, 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 Somerset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 22972 has both the highest and lowest median tax bills, recorded at $1,542.
Average Somerset Assessed Value
$208,400
Average Madison County Assessed Value
$210,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | $107,140 | $136,200 | $208,400 | $255,150 | $296,700 |
Source: Ownwell
Property Tax Bills Across Somerset, Virginia
In Somerset, Madison County, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Somerset is $208,400, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. For instance, the tax bill at the 25th percentile is $796, while at the 75th percentile, it rises to $1,888, and at the 90th percentile, it reaches $2,196. These figures illustrate the range of property tax obligations homeowners can expect. Compared to the national median property tax rate of 0.99%, Somerset's rates may vary, but understanding these details can help homeowners budget effectively. The highest and lowest median tax bills in the area both stand at $1,542, indicating a relatively consistent tax environment within the specific zip code of 22972.
Average Somerset Tax Bill
$1,542
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | $788 | $796 | $1,542 | $1,888 | $2,196 |
Source: Ownwell