Occoquan, Virginia Property Taxes
The median property tax rate in Occoquan, VA is 1.04%, which is higher than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Occoquan at $470,800, the typical annual property tax bill reaches $4,876, significantly exceeding the national median of $2,690. Property taxes in Occoquan are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Occoquan'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 Occoquan or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Occoquan, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$4,896
Ownwell’s Occoquan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Occoquan with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Occoquan to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by Prince William County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Occoquan, Virginia
Property taxes in Occoquan, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Occoquan is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Occoquan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Occoquan 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 Occoquan's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22125 has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Occoquan 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 Occoquan 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 Occoquan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22125 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Occoquan, Virginia
In Occoquan, 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 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 Occoquan, 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 Occoquan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 22125 has the highest and lowest median tax bill at $4,876, offering a comparative perspective for property tax planning.
Average Occoquan Assessed Value
$470,800
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 Occoquan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22125 | $394,800 | $416,000 | $470,800 | $548,700 | $704,440 |
Source: Ownwell
Property Tax Bills Across Occoquan, Virginia
In Occoquan, VA, property tax bills are calculated based on the assessed value of the home, which is determined by the county's tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, in Prince William County, the median home price stands at $470,800. Homeowners in this region can expect their tax bills to vary significantly, with the 25th percentile at $4,316 and the 75th percentile reaching $5,699. The 90th percentile of tax bills climbs even higher to $7,377. These tax bills are influenced by several factors, including property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, homeowners in Occoquan may find themselves paying a relatively higher amount. This can impact household budgets significantly, making it essential for homeowners to understand how their tax bill is calculated and explore potential exemptions or appeals to manage their expenses better.
Average Occoquan Tax Bill
$4,876
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 Occoquan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22125 | $4,108 | $4,316 | $4,876 | $5,699 | $7,377 |
Source: Ownwell