Timberville, Virginia Property Taxes
The median property tax rate in Timberville, VA is 0.68%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Timberville at $178,750, the typical annual property tax bill reaches $1,196, well below the national median of $2,690. Property taxes in Timberville 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 Timberville'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 Timberville 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
Timberville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,216
Ownwell’s Timberville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timberville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timberville 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 Timberville, Virginia
Property taxes in Timberville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Timberville is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Timberville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timberville 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 Timberville's effective property tax rate to other regions in Virginia and the national median. For comparison, the zip code 22853 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Timberville provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Timberville Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timberville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22853 | 0.60% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Timberville, Virginia
In Timberville, 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 Rockingham 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 Timberville, 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. The median home price in Timberville is $178,750, with tax bills ranging from $947 at the 25th percentile to $2,403 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $1,196, found in the 22853 zip code. 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 Timberville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Timberville, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Timberville Assessed Value
$178,750
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Timberville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22853 | $104,310 | $142,100 | $178,750 | $247,950 | $392,470 |
Source: Ownwell
Property Tax Bills Across Timberville, Virginia
In Timberville, located in Rockingham County, VA, property tax bills are calculated based on the assessed value of your home. The median home price in Timberville is $178,750. Property taxes in this area are determined by multiplying the assessed value of the property by the local tax rate. This rate is applied uniformly across the county, ensuring consistency in tax calculations. For homeowners, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is approximately $947, while the 75th percentile tax bill rises to around $1651. At the 90th percentile, homeowners can expect to pay up to $2403. These figures illustrate the range of property tax burdens within the city, reflecting differences in property values and assessed rates. Compared to the national median property tax rate of 0.99%, Timberville's tax landscape offers a unique perspective on how local valuations and tax rates impact homeowners' financial obligations. Understanding these factors can help residents anticipate their annual property tax bills and budget accordingly.
Average Timberville Tax Bill
$1,196
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Timberville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22853 | $602 | $947 | $1,196 | $1,651 | $2,403 |
Source: Ownwell