King George, Virginia Property Taxes
The median property tax rate in King George, VA is 0.62%, which is notably lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $244,900 in King George, the typical annual property tax bill amounts to $1,518, falling below the national median of $2,690. Property taxes in King George are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding King George'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 King George 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
King George, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,518
Ownwell’s KING GEORGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in KING GEORGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in KING GEORGE 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 King George, Virginia
Property taxes in King George, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in King George is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within King George set these rates annually, and they can vary significantly across different neighborhoods. Each year, King George 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 King George's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22485 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with King George provides valuable insights into the varying tax landscape across Westmoreland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average King George Tax Rate
0.62%
Average Westmoreland County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across King George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22485 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across King George, Virginia
In King George, 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 local 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 King George, 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 King George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,518 in the 22485 zip code, which is also the lowest median tax bill.
Average King George Assessed Value
$244,900
Average Westmoreland County Assessed Value
$52,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across King George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22485 | $97,160 | $172,975 | $244,900 | $303,100 | $350,660 |
Source: Ownwell
Property Tax Bills Across King George, Virginia
In King George, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $244,900, homeowners can expect a tax bill ranging from $1,072 at the 25th percentile to $2,174 at the 90th percentile. Several factors contribute to the final tax bill, including property characteristics, market conditions, and any applicable exemptions. Homeowners in King George benefit from a relatively moderate tax rate when compared to the national median property tax rate of 0.99%. However, the tax bill can still significantly impact household budgets, emphasizing the importance of accurate assessments and potential appeals. Understanding how these elements interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average King George Tax Bill
$1,518
Average Westmoreland County Tax Bill
$310
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across King George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22485 | $602 | $1,072 | $1,518 | $1,879 | $2,174 |
Source: Ownwell