Freeman, Virginia Property Taxes
The median property tax rate in Freeman, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $41,900 in Freeman, the typical annual property tax bill amounts to $273, well below the national median of $2,690. Property taxes in Freeman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Freeman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Freeman or another part of Brunswick County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freeman, 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 Freeman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeman 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 Freeman, Virginia
Property taxes in Freeman, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeman is 0.65%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Freeman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeman 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 Freeman's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23856 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Freeman provides valuable insights into the varying tax landscape across Brunswick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeman Tax Rate
0.65%
Average Brunswick County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23856 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Freeman, Virginia
In Freeman, 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 Brunswick 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 Freeman, 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 Freeman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Freeman is $273.00 in the 23856 zip code, while the lowest median tax bill is also $273.00 in the same zip code.
Average Freeman Assessed Value
$41,900
Average Brunswick County Assessed Value
$41,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23856 | $17,720 | $24,875 | $41,900 | $77,050 | $131,790 |
Source: Ownwell
Property Tax Bills Across Freeman, Virginia
In Freeman, VA, property tax bills are calculated based on the assessed value of a home. The median home price in Freeman is $41,900, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location within Brunswick County and any applicable exemptions or deductions can influence the final amount. For instance, the tax bill at the 25th percentile is $163, while at the 75th percentile, it rises to $502. Homeowners at the 90th percentile can expect to pay around $880 annually. The highest and lowest median tax bills in the area both stand at $273, reflecting a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Freeman's rates provide a more affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Freeman Tax Bill
$273
Average Brunswick County Tax Bill
$272
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23856 | $130 | $163 | $273 | $502 | $880 |
Source: Ownwell