Warsaw, Virginia Property Taxes
The median property tax rate in Warsaw, VA is 0.70%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Warsaw at $135,849, the typical annual property tax bill amounts to $941, significantly less than the national median of $2,690. Property taxes in Warsaw are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Warsaw'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 Warsaw 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
Warsaw, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$951
Ownwell’s Warsaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warsaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warsaw 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 Warsaw, Virginia
Property taxes in Warsaw, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warsaw is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Warsaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warsaw 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 Warsaw's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22572 has the highest median property tax rate of 0.70%, while the same zip code has the lowest median tax rate of 0.70%. Understanding how these cities compare with Warsaw provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warsaw Tax Rate
0.70%
Average Richmond County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warsaw, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22572 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Warsaw, Virginia
In Warsaw, 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 Richmond 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 Warsaw, 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 Warsaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Warsaw are both $941.00, found in the zip code 22572.
Average Warsaw Assessed Value
$135,849
Average Richmond County Assessed Value
$134,435
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warsaw, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22572 | $42,434 | $87,756 | $135,849 | $206,082 | $319,409 |
Source: Ownwell
Property Tax Bills Across Warsaw, Virginia
Property tax bills in Warsaw, located in Richmond County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. In Warsaw, the median home price stands at $135,849, which plays a significant role in determining the tax bill. Homeowners can expect to see a tax bill ranging from $606 at the 25th percentile to $2,154 at the 90th percentile, with the median tax bill being $941. This figure is below the national median property tax rate of 0.99%, making it relatively affordable for homeowners in the area. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Warsaw Tax Bill
$941
Average Richmond County Tax Bill
$931
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Warsaw, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22572 | $295 | $606 | $941 | $1,424 | $2,154 |
Source: Ownwell