Afton, Virginia Property Taxes
The median property tax rate in Afton, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Afton, the typical annual property tax bill reaches $1,150, well below the national median of $2,690. Property taxes in Afton 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 Afton'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 Afton 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
Afton, 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 Afton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Afton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Afton 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 Afton, Virginia
Property taxes in Afton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Afton is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Afton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Afton 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 Afton's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22920 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Afton provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Afton Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Afton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22920 | 0.47% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Afton, Virginia
In Afton, 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 Nelson 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 Afton, 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 Afton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Afton are both $1,150, found in the 22920 zip code.
Average Afton Assessed Value
$193,000
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Afton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22920 | $11,260 | $58,100 | $193,000 | $344,900 | $571,120 |
Source: Ownwell
Property Tax Bills Across Afton, Virginia
Property tax bills in Afton, VA, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Afton, the median home price stands at $193,000. Depending on the assessed value, tax bills can vary significantly. For instance, the 25th percentile tax bill is approximately $286, while the 75th percentile tax bill is around $2,095. At the higher end, the 90th percentile tax bill can reach up to $3,357. These taxes are essential for funding local services such as schools, public safety, and infrastructure. However, they can also represent a significant financial burden for homeowners. Comparatively, the national median property tax rate is 0.99%, making it crucial for Afton residents to be aware of their local tax rates and how their assessed property values impact their overall tax obligations.
Average Afton Tax Bill
$1,150
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Afton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22920 | $52 | $286 | $1,150 | $2,095 | $3,357 |
Source: Ownwell