Fredericksburg, Virginia Property Taxes
The median property tax rate in Fredericksburg, VA is 0.77%, 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 Fredericksburg, the typical annual property tax bill amounts to $2,253, which is below the national median of $2,690. Property taxes in Fredericksburg are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fredericksburg'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 Fredericksburg or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fredericksburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,253
Ownwell’s Fredericksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fredericksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fredericksburg 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 Fredericksburg, Virginia
Property taxes in Fredericksburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fredericksburg is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Fredericksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fredericksburg 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 Fredericksburg's effective property tax rate to other areas in Virginia and the national median. For comparison, the 22408 zip code has the highest median property tax rate of 0.77%, while the 22407 zip code has the lowest median tax rate of 0.77%. Understanding how these areas compare with Fredericksburg provides valuable insights into the varying tax landscape across Spotsylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fredericksburg Tax Rate
0.77%
Average Spotsylvania County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22407 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
| 22408 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Fredericksburg, Virginia
In Fredericksburg, 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 Spotsylvania 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 Fredericksburg, 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. For example, the highest median tax bill in the area is $2,265 in the 22408 zip code, while the lowest median tax bill is $2,247 in the 22407 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fredericksburg, Virginia
Source: Ownwell
$62,000
$301,850
$541,700
Average Fredericksburg Assessed Value
$292,600
Average Spotsylvania County Assessed Value
$279,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22407 | $192,600 | $239,800 | $292,100 | $382,200 | $475,310 |
| 22408 | $167,030 | $222,475 | $293,800 | $364,700 | $430,840 |
Source: Ownwell
Property Tax Bills Across Fredericksburg, Virginia
In Fredericksburg, VA, within Spotsylvania County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value determined by the county's assessor. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $292,600, homeowners can expect to pay varying amounts depending on their property's assessed value and specific tax rate. The 25th percentile tax bill is approximately $1,803, while the 75th percentile tax bill is around $2,891. At the higher end, the 90th percentile tax bill reaches about $3,532. These property tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Comparatively, Fredericksburg's property tax rates and bills are influenced by local policies and the overall economic environment, reflecting both the benefits and responsibilities of homeownership in the area.
Average Fredericksburg Tax Bill
$2,253
Average Spotsylvania County Tax Bill
$2,149
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22407 | $1,434 | $1,837 | $2,247 | $2,946 | $3,660 |
| 22408 | $1,241 | $1,695 | $2,265 | $2,814 | $3,326 |
Source: Ownwell