Woodstock, Virginia Property Taxes
The median property tax rate in Woodstock, VA is 0.60%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $234,200 in Woodstock, the typical annual property tax bill amounts to $1,395, which is significantly below the national median of $2,690. Property taxes in Woodstock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Woodstock'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 Woodstock 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
Woodstock, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,405
Ownwell’s Woodstock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodstock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodstock 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 Woodstock, Virginia
Property taxes in Woodstock, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodstock 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 Woodstock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodstock 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 Woodstock's effective property tax rate to other counties in Virginia and the national median. For comparison, the ZIP code 22664 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Woodstock 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 Woodstock 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 Woodstock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22664 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Woodstock, Virginia
In Woodstock, 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 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 Woodstock, 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. The median home price in Woodstock stands at $234,200, with median tax bills ranging from $1,028 to $2,439. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woodstock Assessed Value
$234,200
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 Woodstock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22664 | $122,300 | $172,200 | $234,200 | $310,200 | $408,020 |
Source: Ownwell
Property Tax Bills Across Woodstock, Virginia
Property tax bills in Woodstock, Shenandoah County, VA, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. The tax rate, also known as the millage rate, is then applied to this assessed value to determine the annual tax bill. In Woodstock, the median home price is $234,200. Homeowners in the 25th percentile can expect a tax bill of around $1,028, while those in the 75th percentile might see a bill closer to $1,844. At the 90th percentile, tax bills can reach up to $2,439. These taxes fund essential services such as schools, public safety, and infrastructure maintenance, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Woodstock's tax rate can appear more manageable, but it still represents a significant expense for homeowners. Understanding how these bills are calculated helps residents plan their finances better and appreciate the value they receive from their contributions.
Average Woodstock Tax Bill
$1,395
Average Shenandoah County Tax Bill
$1,318
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodstock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22664 | $719 | $1,028 | $1,395 | $1,844 | $2,439 |
Source: Ownwell