Great Falls, Virginia Property Taxes
The median property tax rate in Great Falls, VA is 0.88%, slightly lower than both the Virginia state median of 0.89% and the national median of 0.99%. With a median home value of $663,190, the typical annual property tax bill in Great Falls reaches $5,803, far exceeding the national median of $2,690. Property taxes in Great 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 Great 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 Great 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
Great Falls, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$5,836
Ownwell’s Great Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Great Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Great 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 Great Falls, Virginia
Property taxes in Great 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 Great Falls is 0.88%, slightly lower than the U.S. national median of 0.99%. Local government entities within Great Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Great 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 Great Falls's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22066 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Great Falls provides valuable insights into the varying tax landscape across Loudoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Great Falls Tax Rate
0.88%
Average Loudoun County Tax Rate
0.88%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Great Falls, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22066 | 0.87% | 0.87% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Great Falls, Virginia
In Great Falls, 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 Loudoun 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 Great 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 Great Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Great Falls are both $5803, found in the 22066 zip code.
Property Tax Assessment Values Across Great Falls, Virginia
Source: Ownwell
$444,410
$1,026,460
$1,608,510
Average Great Falls Assessed Value
$663,190
Average Loudoun County Assessed Value
$662,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Great Falls, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22066 | $589,298 | $639,990 | $663,190 | $695,460 | $732,934 |
Source: Ownwell
Property Tax Bills Across Great Falls, Virginia
In Great Falls, VA, property tax bills are determined by multiplying the assessed value of the property by the local tax rate. The median home price in Great Falls is $663,190, which serves as a basis for calculating the assessed value. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within Loudoun County and any applicable exemptions or deductions. For example, tax bills in Great Falls range from the 25th percentile at $5,600 to the 75th percentile at $6,085, with the 90th percentile reaching $6,413. Comparatively, the national median property tax rate is 0.99%, making Great Falls’ tax bills relatively higher. This can significantly impact homeowners by increasing their annual expenses, potentially influencing their buying decisions and long-term financial planning. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Great Falls Tax Bill
$5,803
Average Loudoun County Tax Bill
$5,811
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Great Falls, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22066 | $5,156 | $5,600 | $5,803 | $6,085 | $6,413 |
Source: Ownwell