Beaverdam, Virginia Property Taxes
The median property tax rate in Beaverdam, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $166,300 in Beaverdam, the typical annual property tax bill is $1,259, significantly below the national median of $2,690. Property taxes in Beaverdam are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Beaverdam's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Beaverdam 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
Beaverdam, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,281
Ownwell’s Beaverdam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beaverdam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beaverdam 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 Beaverdam, Virginia
Property taxes in Beaverdam, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaverdam is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Beaverdam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beaverdam 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 Beaverdam's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23015 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Beaverdam provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaverdam Tax Rate
0.77%
Average Spotsylvania County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beaverdam, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23015 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Beaverdam, Virginia
In Beaverdam, 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 Spotsylvania 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 Beaverdam, 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 Beaverdam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1259 in zip code 23015, while the lowest median tax bill is also $1259 in the same zip code.
Average Beaverdam Assessed Value
$166,300
Average Spotsylvania County Assessed Value
$279,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beaverdam, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23015 | $58,250 | $89,375 | $166,300 | $239,575 | $299,100 |
Source: Ownwell
Property Tax Bills Across Beaverdam, Virginia
Property tax bills in Beaverdam, Spotsylvania County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, with a median home price of $166,300, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $604, while those in the 75th percentile face bills up to $1,849. At the 90th percentile, tax bills can reach $2,327. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners and the community. Beaverdam's property tax rate is competitive when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their financial obligations and underscores the importance of accurate property assessments in maintaining fair taxation.
Average Beaverdam Tax Bill
$1,259
Average Spotsylvania County Tax Bill
$2,149
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Beaverdam, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23015 | $383 | $604 | $1,259 | $1,849 | $2,327 |
Source: Ownwell