Farnham, Virginia Property Taxes
The median property tax rate in Farnham, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Farnham at $144,250, the typical annual property tax bill reaches $880, significantly below the national median of $2,690. Property taxes in Farnham 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 Farnham'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 Farnham 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
Farnham, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$880
Ownwell’s Farnham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farnham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farnham 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 Farnham, Virginia
Property taxes in Farnham, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farnham is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Farnham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnham 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 Farnham's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22460 has both the highest and lowest median property tax rate of 0.61%. Understanding how these cities compare with Farnham provides valuable insights into the varying tax landscape across Northumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farnham Tax Rate
0.61%
Average Northumberland County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22460 | 0.57% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Farnham, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farnham, 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 Northumberland County Assessor 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 Farnham, 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 Farnham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $880, found in the 22460 zip code.
Average Farnham Assessed Value
$144,250
Average Northumberland County Assessed Value
$188,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farnham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22460 | $95,830 | $121,525 | $144,250 | $158,375 | $191,570 |
Source: Ownwell
Property Tax Bills Across Farnham, Virginia
In Farnham, Northumberland County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Farnham is $144,250. Homeowners can expect their property tax bill to vary depending on several factors, including the assessed value of their property and the specific tax rate applied by the county. For instance, the tax bill at the 25th percentile is $741, while at the 75th percentile, it rises to $966. At the 90th percentile, homeowners might see a tax bill as high as $1,081. Interestingly, the highest and lowest median tax bills in the area are both $880, specifically in the 22460 zip code. These tax bills contribute significantly to the overall cost of homeownership. While the national median property tax rate is 0.99%, understanding how local rates and property values affect individual tax bills is crucial for homeowners in Farnham. Accurate assessments ensure that homeowners pay a fair share, reflecting the true market value of their property.
Average Farnham Tax Bill
$880
Average Northumberland County Tax Bill
$1,131
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22460 | $585 | $741 | $880 | $966 | $1,081 |
Source: Ownwell