Fredericksburg, Virginia Property Taxes
The median property tax rate in Fredericksburg, VA is 0.95%, slightly below the national median of 0.99% but higher than Virginia's state median of 0.89%. With a median home value of $360,000 in Fredericksburg, the typical annual property tax bill reaches $3,296, significantly exceeding the national median of $2,690. Property taxes in Fredericksburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fredericksburg'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 Fredericksburg 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
Fredericksburg, 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 Fredericksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fredericksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fredericksburg 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 Fredericksburg, Virginia
Property taxes in Fredericksburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fredericksburg is 0.74%, which is lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Fredericksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fredericksburg 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 Fredericksburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22405 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Fredericksburg provides valuable insights into the varying tax landscape across Stafford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fredericksburg Tax Rate
0.95%
Average Stafford County Tax Rate
0.95%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22405 | 0.94% | 0.94% | 0.95% | 0.95% | 0.95% |
| 22406 | 0.94% | 0.94% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Fredericksburg, Virginia
In Fredericksburg, 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 local 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 Fredericksburg, 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 Fredericksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $3,774 in the 22406 zip code, while the lowest is $2,998 in the 22405 zip code, highlighting the variability within the region.
Property Tax Assessment Values Across Fredericksburg, Virginia
Source: Ownwell
$324,700
$385,700
$446,700
Average Fredericksburg Assessed Value
$360,000
Average Stafford County Assessed Value
$386,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22405 | $202,720 | $259,300 | $324,700 | $418,400 | $517,040 |
| 22406 | $253,680 | $327,400 | $418,500 | $517,400 | $642,200 |
Source: Ownwell
Property Tax Bills Across Fredericksburg, Virginia
In Fredericksburg, VA, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements made. Homeowners in Fredericksburg can expect a median home price of $360,000, with tax bills varying significantly based on property value and location within the city. For instance, the 25th percentile tax bill is $2,518, while the 75th percentile reaches $4,240, and the 90th percentile can be as high as $5,290. This range illustrates the variability in tax burdens depending on the specific property characteristics and neighborhood. Comparatively, the national median property tax rate is 0.99%, positioning Fredericksburg's rates as relatively moderate. Homeowners should be aware of these factors as they significantly impact annual financial planning and long-term investment in property ownership.
Average Fredericksburg Tax Bill
$3,296
Average Stafford County Tax Bill
$3,534
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22405 | $1,820 | $2,404 | $2,998 | $3,856 | $4,778 |
| 22406 | $1,986 | $2,858 | $3,774 | $4,671 | $5,806 |
Source: Ownwell