Oldhams, Virginia Property Taxes
The median property tax rate in Oldhams, VA is 0.62%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Oldhams at $144,900, the typical annual property tax bill reaches $898, well below the national median of $2,690. Property taxes in Oldhams 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 Oldhams' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oldhams or another part of Westmoreland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oldhams, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Oldhams Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oldhams with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oldhams 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 Oldhams, Virginia
Property taxes in Oldhams, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oldhams is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Oldhams set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oldhams 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 Oldhams' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22529 has the highest median property tax rate of 0.62%, while the lowest median tax rate is also 0.62% in the same zip code. Understanding how these areas compare with Oldhams 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 Oldhams 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 Oldhams, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22529 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Oldhams, Virginia
In Oldhams, 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 Westmoreland 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 Oldhams, 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 Oldhams helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 22529, while the lowest is also 22529, both at $898.
Average Oldhams Assessed Value
$144,900
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 Oldhams, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22529 | $108,900 | $112,050 | $144,900 | $233,925 | $338,190 |
Source: Ownwell
Property Tax Bills Across Oldhams, Virginia
In Oldhams, located in Westmoreland County, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is intended to reflect the market value of the property. Homeowners in Oldhams typically see a range of property tax bills, with the 25th percentile at $695 and the 75th percentile at $1,450, indicating a significant variation depending on property values and other factors. The highest median tax bill in the area is $898, found in the zip code 22529. This figure is relatively modest compared to the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can all influence the assessed value, thereby affecting the tax bill. For homeowners, understanding these factors is crucial as they directly impact annual property tax expenses, which are an important aspect of homeownership costs.
Average Oldhams Tax Bill
$898
Average Westmoreland County Tax Bill
$310
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Oldhams, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22529 | $675 | $695 | $898 | $1,450 | $2,097 |
Source: Ownwell