Broad Run, Virginia Property Taxes
The median property tax rate in Broad Run, VA is 1.04%, which is higher than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $500,400 in Broad Run, the typical annual property tax bill is $4,923, significantly exceeding the national median of $2,690. Property taxes in Broad Run are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Broad Run'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 Broad Run or another part of Prince William County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broad Run, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Broad Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broad Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broad Run 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 Broad Run, Virginia
Property taxes in Broad Run, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broad Run is 1.04%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Broad Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broad Run 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 Broad Run's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20137 zip code has the highest median property tax rate of 1.04%, while the same 20137 zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Broad Run provides valuable insights into the varying tax landscape across Prince William County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broad Run Tax Rate
1.04%
Average Prince William County Tax Rate
1.04%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broad Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20137 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Broad Run, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Broad Run, 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 Prince William 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 Broad Run, 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. For instance, the median home price in Broad Run is $500,400, with tax bills ranging from $3,549 at the 25th percentile to $9,480 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $4,923, found in the 20137 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broad Run Assessed Value
$500,400
Average Prince William County Assessed Value
$464,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broad Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20137 | $270,700 | $374,400 | $500,400 | $678,100 | $910,800 |
Source: Ownwell
Property Tax Bills Across Broad Run, Virginia
In Broad Run, Prince William County, VA, property tax bills are calculated based on the assessed value of a home rather than its market value. The local tax rate is applied to the assessed value to determine the annual tax bill. For example, with a median home price of $500,400, tax bills can vary significantly. Homeowners in the 25th percentile pay around $3,549 annually, while those in the 75th percentile see tax bills of about $6,734. At the higher end, the 90th percentile tax bill reaches approximately $9,480. Factors influencing property tax bills include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These elements combine to affect homeowners in various ways. For instance, higher assessed values and tax rates can lead to substantial annual tax obligations, impacting household budgets. Conversely, exemptions or lower assessments can alleviate some of the financial burden. Understanding these factors is crucial for homeowners aiming to manage their property tax liabilities effectively.
Average Broad Run Tax Bill
$4,923
Average Prince William County Tax Bill
$4,796
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Broad Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20137 | $2,140 | $3,549 | $4,923 | $6,734 | $9,480 |
Source: Ownwell