King George, Virginia Property Taxes
The median property tax rate in King George, VA is 0.68%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in King George at $357,400, the typical annual property tax bill reaches $2,400, which is below the national median of $2,690. Property taxes in King George 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 King George'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 King George 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
King George, 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 KING GEORGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in KING GEORGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in KING GEORGE 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 King George, Virginia
Property taxes in King George, VA, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in King George is 0.68%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within King George set these rates annually, and they can vary significantly across different neighborhoods. Each year, King George 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 King George's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22485 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with King George provides valuable insights into the varying tax landscape across King George County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average King George Tax Rate
0.68%
Average King George County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across King George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22485 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across King George, Virginia
In King George, 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 King George 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 King George, 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 King George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22485 has the highest and lowest median tax bill, both at $2400.
Property Tax Assessment Values Across King George, Virginia
Source: Ownwell
$268,100
$767,600
$1,267,100
Average King George Assessed Value
$357,400
Average King George County Assessed Value
$357,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across King George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22485 | $165,800 | $258,600 | $357,400 | $437,200 | $541,900 |
Source: Ownwell
Property Tax Bills Across King George, Virginia
In King George, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $357,400, homeowners can expect varying tax bills depending on their property's assessed value and location within the county. Factors that influence the tax bill include the condition of the home, improvements made, and market trends in the area. Homeowners in King George may see tax bills ranging from $1,726 at the 25th percentile to $2,948 at the 75th percentile, with the 90th percentile reaching up to $3,639. The highest and lowest median tax bills in the area both stand at $2,400, indicating a relatively consistent tax environment. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. For homeowners, understanding these factors is essential for financial planning and property investment decisions.
Average King George Tax Bill
$2,400
Average King George County Tax Bill
$2,400
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across King George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22485 | $1,080 | $1,726 | $2,400 | $2,948 | $3,639 |
Source: Ownwell