Catharpin, Virginia Property Taxes
The median property tax rate in Catharpin, VA is 1.04%, which is considerably higher than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Catharpin at $760,300, the typical annual property tax bill reaches $7,548, far exceeding the national median of $2,690. Property taxes in Catharpin 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 Catharpin'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 Catharpin or another part of Prince William County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Catharpin, 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 Catharpin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Catharpin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Catharpin 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 Catharpin, Virginia
Property taxes in Catharpin, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Catharpin is 1.04%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Catharpin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Catharpin 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 Catharpin's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20143 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Catharpin provides valuable insights into the varying tax landscape across Prince William County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Catharpin Tax Rate
1.04%
Average Prince William County Tax Rate
1.04%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Catharpin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20143 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Catharpin, Virginia
In Catharpin, 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 Prince William 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 Catharpin, 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 Catharpin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $7,548, found in the 20143 zip code.
Average Catharpin Assessed Value
$760,300
Average Prince William County Assessed Value
$464,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Catharpin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20143 | $441,600 | $574,900 | $760,300 | $1,077,900 | $1,255,320 |
Source: Ownwell
Property Tax Bills Across Catharpin, Virginia
In Catharpin, located in Prince William County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $760,300, homeowners can expect to pay a significant amount in property taxes, though this can vary widely. Factors that influence the tax bill include the home's assessed value, the local tax rate, and any applicable exemptions. In Catharpin, the 25th percentile tax bill is $5,671, while the 75th percentile tax bill reaches $10,827, and the 90th percentile tax bill can be as high as $12,708. These figures highlight the range of property tax obligations homeowners may face. Compared to the national median property tax rate of 0.99%, homeowners in Catharpin experience higher tax rates, reflecting the area's higher property values. This can significantly impact homeowners' annual budgets, making it crucial to understand and plan for these expenses.
Average Catharpin Tax Bill
$7,548
Average Prince William County Tax Bill
$4,796
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Catharpin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20143 | $4,151 | $5,671 | $7,548 | $10,827 | $12,708 |
Source: Ownwell