Fredericksburg, Virginia Property Taxes
The median property tax rate in Fredericksburg, VA is 0.91%, which is slightly below the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $513,600 in Fredericksburg, the typical annual property tax bill amounts to $4,315, significantly surpassing the national median of $2,690. Property taxes in Fredericksburg are determined based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Navigating Fredericksburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can yield substantial annual savings. Whether you're located in downtown Fredericksburg or another neighborhood, gaining a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fredericksburg, 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 Fredericksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fredericksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fredericksburg 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 Fredericksburg, Virginia
Property taxes in Fredericksburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fredericksburg is 0.86%, which is lower than the Virginia state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Fredericksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fredericksburg 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 Fredericksburg's effective property tax rate to other counties in Virginia and the national median. For comparison, 22406 has the highest median property tax rate of 0.91%, while 22406 also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Fredericksburg provides valuable insights into the varying tax landscape across Spotsylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fredericksburg Tax Rate
0.91%
Average Fauquier County Tax Rate
0.91%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22406 | 0.54% | 0.66% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Fredericksburg, Virginia
In Fredericksburg, 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 local 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 Fredericksburg, 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. The highest median tax bill in the area is $4,315 in zip code 22406, while the lowest median tax bill is also $4,315 in the same zip code. Being aware of these valuation processes in Fredericksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fredericksburg, Virginia
Source: Ownwell
$252,800
$686,500
$1,120,200
Average Fredericksburg Assessed Value
$513,600
Average Fauquier County Assessed Value
$435,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22406 | $302,540 | $381,000 | $513,600 | $805,375 | $993,830 |
Source: Ownwell
Property Tax Bills Across Fredericksburg, Virginia
In Fredericksburg, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as location, property size, and market conditions influence the assessed value. For instance, the median home price in Fredericksburg is $513,600, which can lead to varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $3,138, while those in the 75th percentile face bills of approximately $5,014. The highest tax bills, around the 90th percentile, can reach up to $5,953. The local tax rate in Fredericksburg may be compared to the national median property tax rate of 0.99%, highlighting regional differences. These property taxes fund essential community services, impacting homeowners by contributing to local infrastructure, schools, and public safety.
Average Fredericksburg Tax Bill
$4,315
Average Fauquier County Tax Bill
$3,881
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22406 | $1,932 | $3,138 | $4,315 | $5,014 | $5,953 |
Source: Ownwell