Fulks Run, Virginia Property Taxes
The median property tax rate in Fulks Run, 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 Fulks Run, the typical annual property tax bill reaches $1,008, well below the national median of $2,690. Property taxes in Fulks Run 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 Fulks Run'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 Fulks Run 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
Fulks Run, 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 Fulks Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulks Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulks Run 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 Fulks Run, Virginia
Property taxes in Fulks Run, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulks Run is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Fulks Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulks Run 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 Fulks Run's effective property tax rate to other areas in Rockingham County and the national median. For comparison, the zip code 22830 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Fulks Run provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulks Run Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulks Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22830 | 0.48% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Fulks Run, Virginia
In Fulks Run, 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 Rockingham 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 Fulks Run, 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. The median home price in Fulks Run is $156,400, with the 25th percentile tax bill at $509 and the 75th percentile tax bill at $1604. The zip code 22830 has the highest and lowest median tax bill at $1008. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fulks Run, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Fulks Run Assessed Value
$156,400
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulks Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22830 | $30,800 | $85,600 | $156,400 | $257,700 | $361,200 |
Source: Ownwell
Property Tax Bills Across Fulks Run, Virginia
In Fulks Run, located in Rockingham County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Fulks Run can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $509, while at the 75th percentile, it rises to $1,604, and at the 90th percentile, it reaches $2,228. Comparatively, the national median property tax rate is 0.99%, and Fulks Run's property tax rates are influenced by both local policies and the assessed values of homes. This variation in tax bills can impact homeowners' financial planning and housing affordability. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Fulks Run Tax Bill
$1,008
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulks Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22830 | $188 | $509 | $1,008 | $1,604 | $2,228 |
Source: Ownwell