Markham, Virginia Property Taxes
The median property tax rate in Markham, VA is 0.90%, slightly lower than the national median of 0.99% but marginally higher than the Virginia state median of 0.89%. With a median home value of $529,750 in Markham, the typical annual property tax bill amounts to $3,712, significantly surpassing the national median of $2,690. Property taxes in Markham 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 Markham'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 Markham or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Markham, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$4,768
Ownwell’s Markham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Markham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Markham 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 Markham, Virginia
Property taxes in Markham, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Markham is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Markham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Markham 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 Markham's effective property tax rate to other areas in Fauquier County and the national median. For comparison, the 22643 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Markham provides valuable insights into the varying tax landscape across Fauquier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Markham Tax Rate
0.90%
Average Fauquier County Tax Rate
0.91%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Markham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22643 | 0.11% | 0.61% | 0.90% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Markham, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Markham, 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 Fauquier 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 Markham, 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 Markham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3,712 in the 22643 zip code, while the lowest median tax bill is also $3,712 in the same zip code.
Average Markham Assessed Value
$529,750
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 Markham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22643 | $27,740 | $200,175 | $529,750 | $829,075 | $1,267,410 |
Source: Ownwell
Property Tax Bills Across Markham, Virginia
In Markham, Fauquier County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Markham is $529,750, which provides a baseline for understanding potential tax obligations. Several factors influence the tax bill, including the property's location, size, and any improvements made to it. Homeowners in Markham can expect their property tax bills to vary widely, with the 25th percentile tax bill at $1,043 and the 75th percentile reaching $6,513. The 90th percentile tax bill can be as high as $8,741. For comparison, the national median property tax rate is 0.99%. The highest and lowest median tax bills in the area are both $3,712, located in zip code 22643. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Markham Tax Bill
$3,712
Average Fauquier County Tax Bill
$3,881
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Markham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22643 | $41 | $1,043 | $3,712 | $6,513 | $8,741 |
Source: Ownwell