Fairlawn, Virginia Property Taxes
The median property tax rate in Fairlawn, VA is 0.74%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $137,700 in Fairlawn, the typical annual property tax bill amounts to $1,010, significantly under the national median of $2,690. Property taxes in Fairlawn are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fairlawn'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 Fairlawn or another part of Pulaski County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairlawn, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,019
Ownwell’s FAIRLAWN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAIRLAWN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAIRLAWN 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 Fairlawn, Virginia
Property taxes in Fairlawn, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairlawn is 0.74%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Fairlawn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairlawn 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 Fairlawn's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24141 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Fairlawn provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairlawn Tax Rate
0.74%
Average Pulaski County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairlawn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Fairlawn, Virginia
In Fairlawn, 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 Pulaski 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 Fairlawn, 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 Fairlawn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairlawn is $137,700, with the 25th percentile tax bill at $741 and the 90th percentile tax bill at $1,871.
Average Fairlawn Assessed Value
$137,700
Average Pulaski County Assessed Value
$120,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairlawn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $75,960 | $100,625 | $137,700 | $188,825 | $254,040 |
Source: Ownwell
Property Tax Bills Across Fairlawn, Virginia
In Fairlawn, property tax bills are calculated based on the assessed value of a home, which is determined by the Pulaski County assessor's office. The median home price in Fairlawn is $137,700, and the property 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, making it crucial for homeowners to ensure their property assessments are accurate. Homeowners in Fairlawn can expect to pay varying amounts in property taxes depending on their specific circumstances. For instance, the 25th percentile tax bill is around $741, while the 75th percentile tax bill is approximately $1,390. Those in the 90th percentile may see tax bills as high as $1,871. These figures highlight the range of property tax obligations within the community. Comparatively, the highest median tax bill in the area is $1,010, which aligns with the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Fairlawn better anticipate their property tax responsibilities and manage their finances accordingly.
Average Fairlawn Tax Bill
$1,010
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairlawn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $540 | $741 | $1,010 | $1,390 | $1,871 |
Source: Ownwell