Milford, Virginia Property Taxes
The median property tax rate in Milford, VA is 0.77%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Milford at $182,150, the typical annual property tax bill amounts to $1,403, which is below the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milford'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 Milford or another part of Caroline County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milford, 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 Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Virginia
Property taxes in Milford, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22514 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.77%
Average Caroline County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Virginia
In Milford, 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 Caroline 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 Milford, 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. For instance, the median home price in Milford is $182,150, with tax bills ranging from $974 at the 25th percentile to $2,897 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,403 in the 22514 zip code. 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$182,150
Average Caroline County Assessed Value
$198,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | $90,040 | $126,500 | $182,150 | $259,000 | $376,180 |
Source: Ownwell
Property Tax Bills Across Milford, Virginia
In Milford, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in Milford is $182,150. Tax rates are applied to this assessed value to determine your annual tax bill. For instance, homeowners in the 25th percentile can expect tax bills around $974, while those in the 75th percentile might see bills closer to $1,994. The highest median tax bill in the area is $1,403, which is relatively low compared to the national median property tax rate of 0.99%. Factors that influence your property tax bill include the assessed value of your home, the local tax rate, and any applicable exemptions or deductions. Higher assessed values or increased tax rates directly translate to higher tax bills. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense. High property tax bills can affect affordability and long-term financial planning, making it essential to stay informed and proactive in managing these costs.
Average Milford Tax Bill
$1,403
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | $693 | $974 | $1,403 | $1,994 | $2,897 |
Source: Ownwell