Afton, Virginia Property Taxes
The median property tax rate in Afton, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Afton at $233,500, the typical annual property tax bill reaches $1,471, significantly below the national median of $2,690. Property taxes in Afton 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 Afton'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 Afton 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
Afton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,471
Ownwell’s Afton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Afton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Afton 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 Afton, Virginia
Property taxes in Afton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Afton is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Afton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Afton 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 Afton's effective property tax rate to other areas in Augusta County and the national median. For comparison, the zip code 22920 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Afton provides valuable insights into the varying tax landscape across Augusta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Afton Tax Rate
0.63%
Average Augusta County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Afton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22920 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Afton, Virginia
In Afton, 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 Augusta 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 Afton, 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 Afton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Augusta County, the highest median tax bill is found in the 22920 zip code, with a value of $1,471. The lowest median tax bill also occurs in the 22920 zip code, highlighting the consistency in property tax assessments within this area.
Average Afton Assessed Value
$233,500
Average Augusta County Assessed Value
$204,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Afton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22920 | $189,900 | $210,525 | $233,500 | $317,851 | $344,440 |
Source: Ownwell
Property Tax Bills Across Afton, Virginia
In Afton, VA, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's worth, which is often lower than its market value. Homeowners in Augusta County, where Afton is located, see their property tax bills calculated by multiplying the assessed value by the local tax rate. The median home price in Afton is $233,500, and the property tax rate is applied to this value to determine the tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby impacting the tax bill. For instance, the tax bill at the 25th percentile is $1,326, while at the 75th percentile, it rises to $2,002. Homeowners at the 90th percentile pay around $2,170. These figures highlight the range of property tax bills, which can significantly affect household budgets. Comparing this to the national median property tax rate of 0.99%, Afton's property tax rates reflect the local economic conditions and property values.
Average Afton Tax Bill
$1,471
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Afton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22920 | $1,196 | $1,326 | $1,471 | $2,002 | $2,170 |
Source: Ownwell