Faber, Virginia Property Taxes
The median property tax rate in Faber, VA is 0.85%, 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 Faber, the typical annual property tax bill reaches $2,171, falling below the national median of $2,690. Property taxes in Faber 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 Faber'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 Faber 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
Faber, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,380
Ownwell’s FABER Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in FABER. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in FABER to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities with ease. For those interested in more detailed, neighborhood-level trends, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for these calculations and includes any applicable exemptions.
Property Tax Rates Across Faber, Virginia
Property taxes in Faber, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Faber is 0.85%, lower than the U.S. national median of 0.99%. Local government entities within Faber set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faber 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 Faber's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22938 has the highest median property tax rate of 0.85%, while also having the lowest median tax rate of 0.85%. Understanding how these cities compare with Faber provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faber Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faber, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22938 | 0.43% | 0.66% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Faber, Virginia
In Faber, 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 Albemarle 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 Faber, 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 Faber helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 22938 has both the highest and lowest median tax bill at $2,171.
Average Faber Assessed Value
$279,950
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faber, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22938 | $114,900 | $161,150 | $279,950 | $440,950 | $836,650 |
Source: Ownwell
Property Tax Bills Across Faber, Virginia
In Faber, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Albemarle County. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to arrive at the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Faber can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is around $981, while the 75th percentile tax bill can reach $3,129. At the higher end, the 90th percentile tax bill goes up to $4,632. These tax bills can significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, Faber's property taxes can be considered moderate, but they still represent a crucial expense for property owners.
Average Faber Tax Bill
$2,171
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Faber, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22938 | $745 | $981 | $2,171 | $3,129 | $4,632 |
Source: Ownwell