Sioux Falls, Virginia Property Taxes
The median property tax rate in Sioux Falls, VA is 1.14%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Sioux Falls at $664,170, the typical annual property tax bill reaches $7,595, far exceeding the national median of $2,690. Property taxes in Sioux Falls 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 Sioux Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sioux Falls 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
Sioux Falls, 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 Sioux Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sioux Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sioux Falls 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 Sioux Falls, Virginia
Property taxes in Sioux Falls, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sioux Falls is 1.14%, significantly higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Sioux Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sioux Falls 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 Sioux Falls' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 57186 has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Sioux Falls provides valuable insights into the varying tax landscape across Fairfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sioux Falls Tax Rate
1.14%
Average Fairfax County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sioux Falls, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57186 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Sioux Falls, Virginia
In Sioux Falls, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Fairfax 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 Sioux Falls, 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 Sioux Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Sioux Falls are both $7,595, found in the 57186 zip code.
Property Tax Assessment Values Across Sioux Falls, Virginia
Source: Ownwell
$26,110
$12,068,795
$24,111,480
Average Sioux Falls Assessed Value
$664,170
Average Fairfax County Assessed Value
$616,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sioux Falls, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57186 | $664,170 | $664,170 | $664,170 | $664,170 | $664,170 |
Source: Ownwell
Property Tax Bills Across Sioux Falls, Virginia
In Sioux Falls, Fairfax County, VA, property tax bills are determined based on the assessed value of a property, which is typically a percentage of its market value. The median home price in this area is $664,170. Property tax rates are applied to this assessed value to calculate the annual tax bill. The median property tax bill in Fairfax County is $7,595, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill reflects the premium property values in the region. Several factors influence the tax bill, including the property’s location, size, and any improvements made. Local government budgets and funding requirements for public services such as schools, infrastructure, and emergency services also play a role. For homeowners, these tax bills represent a substantial financial commitment, impacting monthly budgets and overall affordability. Understanding how these factors interplay can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Sioux Falls Tax Bill
$7,595
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Sioux Falls, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57186 | $7,595 | $7,595 | $7,595 | $7,595 | $7,595 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | June 6 |
| Due Date #2 | December 5 |
Links | |
|---|---|
| Fairfax Tax Assessor | |
| realestateoffice@fairfaxva.gov. | |