Bridgewater, Virginia Property Taxes
The median property tax rate in Bridgewater, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bridgewater at $234,350, the typical annual property tax bill is $1,372, which is well below the national median of $2,690. Property taxes in Bridgewater are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bridgewater'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 Bridgewater 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
Bridgewater, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,476
Ownwell’s Bridgewater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgewater 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 Bridgewater, Virginia
Property taxes in Bridgewater, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgewater stands at 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Bridgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgewater 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 Bridgewater's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22812 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Bridgewater 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 Bridgewater 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 Bridgewater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22812 | 0.29% | 0.52% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Bridgewater, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bridgewater, 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 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 Bridgewater, 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 Bridgewater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bridgewater, the median home price is $234,350, with the 25th percentile tax bill at $978 and the 75th percentile at $1,954. The highest and lowest median tax bills are both $1,372 in the 22812 zip code. This knowledge is essential for effectively managing property taxes.
Average Bridgewater Assessed Value
$234,350
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 Bridgewater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22812 | $112,190 | $168,075 | $234,350 | $364,855 | $620,800 |
Source: Ownwell
Property Tax Bills Across Bridgewater, Virginia
In Bridgewater, VA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically determined by the county's assessor. The local tax rate is set by the county and can vary each year based on budgetary needs. For example, in Augusta County, the median home price is $234,350. Homeowners in Bridgewater can expect their property tax bills to fall within a range, with the 25th percentile tax bill being $978 and the 75th percentile reaching $1,954. At the 90th percentile, tax bills can go up to $2,462. These figures highlight the variability in tax bills based on property values and local tax rates. For homeowners, this means that property taxes can significantly impact annual expenses, making it crucial to understand how their property is assessed and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Bridgewater's rates reflect the unique economic and budgetary needs of the area.
Average Bridgewater Tax Bill
$1,372
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgewater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22812 | $590 | $978 | $1,372 | $1,954 | $2,462 |
Source: Ownwell