Orkney Springs, Virginia Property Taxes
The median property tax rate in Orkney Springs, VA is 0.60%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $163,200 in Orkney Springs, the typical annual property tax bill amounts to $968, which is well below the national median of $2,690. Property taxes here are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Orkney Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Orkney Springs or another part of Shenandoah County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Orkney Springs, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$979
Ownwell’s Orkney Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orkney Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orkney Springs 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 Shenandoah County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Orkney Springs, Virginia
Property taxes in Orkney Springs, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orkney Springs is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Orkney Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orkney Springs 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 Orkney Springs' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22845 has both the highest and the lowest median property tax rate of 0.60%. Understanding how these cities compare with Orkney Springs provides valuable insights into the varying tax landscape across Shenandoah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orkney Springs Tax Rate
0.60%
Average Shenandoah County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orkney Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22845 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Orkney Springs, Virginia
In Orkney Springs, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Shenandoah 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 Orkney Springs, 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 Orkney Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 22845 has the highest and lowest median tax bill of $968.
Property Tax Assessment Values Across Orkney Springs, Virginia
Source: Ownwell
$163,200
$218,250
$273,300
Average Orkney Springs Assessed Value
$163,200
Average Shenandoah County Assessed Value
$221,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orkney Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22845 | $62,400 | $113,250 | $163,200 | $207,150 | $338,700 |
Source: Ownwell
Property Tax Bills Across Orkney Springs, Virginia
In Orkney Springs, located in Shenandoah County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property's market value. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the property's size, age, location, and condition. Homeowners in Orkney Springs can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $680, while at the 75th percentile, it's $1243. At the 90th percentile, the tax bill can reach up to $2032. Compared to the national median property tax rate of 0.99%, Shenandoah County's tax rates result in a median tax bill of $968. This can impact homeowners' budgets, making it essential for them to stay informed about their property's assessed value and any potential exemptions they may qualify for.
Average Orkney Springs Tax Bill
$968
Average Shenandoah County Tax Bill
$1,318
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Orkney Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22845 | $374 | $680 | $968 | $1,243 | $2,032 |
Source: Ownwell