Deerfield, Virginia Property Taxes
The median property tax rate in Deerfield, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $147,250 in Deerfield, the typical annual property tax bill is $757, well below the national median of $2,690. Property taxes in Deerfield are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Deerfield'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 Deerfield or another part of Augusta County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deerfield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$928
$861
Ownwell’s Deerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deerfield 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 Deerfield, Virginia
Property taxes in Deerfield, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Deerfield is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Deerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deerfield 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 Deerfield's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24432 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Deerfield 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 Deerfield 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 Deerfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24432 | 0.21% | 0.37% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Deerfield, Virginia
In Deerfield, 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 Deerfield, 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. The median home price in Deerfield is $147,250, with tax bills varying significantly. For instance, the 25th percentile tax bill is $429, while the 75th percentile tax bill is $1,252. The 90th percentile tax bill can reach up to $1,601. The zip code 24432 has the highest and lowest median tax bill, both at $757. 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 Deerfield Assessed Value
$147,250
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 Deerfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24432 | $55,880 | $88,225 | $147,250 | $244,334 | $430,921 |
Source: Ownwell
Property Tax Bills Across Deerfield, Virginia
In Deerfield, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. The tax rate, or millage rate, is then applied to the assessed value to determine the total tax bill. Factors such as property improvements, location, and market conditions can influence the assessed value. For homeowners in Deerfield, the median home price stands at $147,250. The tax bill varies significantly across different percentiles: at the 25th percentile, it is $429, while at the 75th percentile, it rises to $1,252, and at the 90th percentile, it reaches $1,601. The median tax bill in the area is $757, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Deerfield compared to other regions. Understanding these calculations helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Deerfield Tax Bill
$757
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Deerfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24432 | $252 | $429 | $757 | $1,252 | $1,601 |
Source: Ownwell