Toms Brook, Virginia Property Taxes
The median property tax rate in Toms Brook, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Toms Brook at $226,400, the typical annual property tax bill reaches $1,353, well below the national median of $2,690. Property taxes in Toms Brook 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 Toms Brook'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 Toms Brook or another part of Shenandoah County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toms Brook, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,358
Ownwell’s Toms Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toms Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toms Brook 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 Toms Brook, Virginia
Property taxes in Toms Brook, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Toms Brook is 0.60%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Toms Brook set these rates annually, and they can vary across different neighborhoods. Each year, Toms Brook estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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. For comparison, the zip code 22660 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Toms Brook provides valuable insights into the varying tax landscape across Shenandoah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toms Brook Tax Rate
0.60%
Average Shenandoah County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toms Brook, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22660 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Toms Brook, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Toms Brook, Virginia. 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 Shenandoah 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. Assessment notices in Toms Brook 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. For instance, the median home price in Toms Brook is $226,400, with property tax bills ranging from $1,059 at the 25th percentile to $2,458 at the 90th percentile. The zip code 22660 has the highest and lowest median tax bill at $1,353. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Toms Brook Assessed Value
$226,400
Average Shenandoah County Assessed Value
$221,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toms Brook, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22660 | $117,600 | $176,600 | $226,400 | $310,650 | $409,900 |
Source: Ownwell
Property Tax Bills Across Toms Brook, Virginia
In Toms Brook, located in Shenandoah 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. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Toms Brook can expect tax bills that vary significantly. The 25th percentile tax bill is around $1,059, while the 75th percentile reaches approximately $1,851. For those in the 90th percentile, tax bills can be as high as $2,458. The median home price in the area is $226,400, which helps in understanding the typical tax burden for homeowners. Comparatively, the median property tax rate in Toms Brook is in line with the national median of 0.99%, making it a relatively average location for property taxes. This system ensures that homeowners contribute fairly to local services based on the value of their property.
Average Toms Brook Tax Bill
$1,353
Average Shenandoah County Tax Bill
$1,318
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Toms Brook, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22660 | $688 | $1,059 | $1,353 | $1,851 | $2,458 |
Source: Ownwell