Fork Union, Virginia Property Taxes
The median property tax rate in Fork Union, VA is 0.84%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Fork Union at $191,700, the typical annual property tax bill comes to $1,620, falling below the national median of $2,690. Property taxes in Fork Union are calculated based on the tax assessed value, which often falls below market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fork Union'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 Fork Union 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
Fork Union, 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 Fork Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fork Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fork Union 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 Fork Union, Virginia
Property taxes in Fork Union, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fork Union is 0.84%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Fork Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fork Union 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 Fork Union's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23055 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Fork Union provides valuable insights into the varying tax landscape across Fluvanna County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fork Union Tax Rate
0.84%
Average Fluvanna County Tax Rate
0.84%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fork Union, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23055 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Fork Union, Virginia
In Fork Union, 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 Fluvanna 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 Fork Union, 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. For instance, the highest median tax bill in Fork Union is $1,620 in the 23055 zip code, while the lowest median tax bill is the same amount in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fork Union Assessed Value
$191,700
Average Fluvanna County Assessed Value
$247,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fork Union, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23055 | $87,550 | $124,200 | $191,700 | $303,425 | $464,950 |
Source: Ownwell
Property Tax Bills Across Fork Union, Virginia
In Fork Union, Fluvanna County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Fork Union can expect their tax bills to vary significantly, influenced by the assessed value and the local tax rate. For instance, the median home price in the area is $191,700, which serves as a baseline for calculating property taxes. Factors such as property size, location, and improvements can affect the assessed value, thereby influencing the tax bill. Tax bills in Fork Union can range widely, with the 25th percentile at $1,048 and the 75th percentile at $2,561. Those in the 90th percentile may see bills as high as $3,924. These variations underscore the importance of understanding how local assessments and tax rates impact overall property tax obligations. Compared to the national median property tax rate of 0.99%, Fork Union's tax rates reflect both regional property values and local fiscal policies, directly affecting homeowners' annual expenses.
Average Fork Union Tax Bill
$1,620
Average Fluvanna County Tax Bill
$2,092
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fork Union, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23055 | $739 | $1,048 | $1,620 | $2,561 | $3,924 |
Source: Ownwell