Woodford, Virginia Property Taxes
The median property tax rate in Woodford, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $191,100 in Woodford, the typical annual property tax bill amounts to $1,471, significantly below the national median of $2,690. Property taxes in Woodford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Woodford'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 Woodford 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
Woodford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,471
Ownwell’s Woodford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodford 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 Woodford, Virginia
Property taxes in Woodford, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodford is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Woodford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodford 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 Woodford's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22580 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Woodford 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 Woodford 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 Woodford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22580 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Woodford, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodford, Virginia. 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 Woodford, 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 Woodford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 22580, standing at $1,471.
Average Woodford Assessed Value
$191,100
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 Woodford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22580 | $99,020 | $137,000 | $191,100 | $271,300 | $368,700 |
Source: Ownwell
Property Tax Bills Across Woodford, Virginia
In Woodford, VA, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the Caroline County tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the property tax rate to determine the annual tax bill. For example, with a median home price of $191,100, homeowners in Woodford can expect varying tax bills. At the 25th percentile, the tax bill is around $1,055, while at the 75th percentile, it rises to about $2,086. For those in the 90th percentile, the tax bill can reach up to $2,835. The highest and lowest median tax bills in the area are both $1,471, found in zip code 22580. These property taxes fund essential services such as public schools, infrastructure, and emergency services. Homeowners should be aware of these factors as they significantly impact the overall cost of owning property in Woodford.
Average Woodford Tax Bill
$1,471
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22580 | $762 | $1,055 | $1,471 | $2,086 | $2,835 |
Source: Ownwell