Beaverdam, Virginia Property Taxes
The median property tax rate in Beaverdam, VA is 0.77%, which is notably lower than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Beaverdam at $209,500, the typical annual property tax bill amounts to $1,613, which is significantly below the national median of $2,690. Property taxes in Beaverdam are calculated based on the tax assessed value, often lower than market value due to exemptions like 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 Caroline County, comprehending 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
$1,613
$1,497
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaverdam is 0.77%, lower than both the Virginia state median and 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 the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Beaverdam provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaverdam Tax Rate
0.77%
Average Caroline 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 Caroline 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. For example, the median home price in Beaverdam is $209,500, with tax bills ranging from $1,180 at the 25th percentile to $3,121 at the 90th percentile. 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.
Average Beaverdam Assessed Value
$209,500
Average Caroline County Assessed Value
$198,200
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 | $107,950 | $153,300 | $209,500 | $279,050 | $405,260 |
Source: Ownwell
Property Tax Bills Across Beaverdam, Virginia
In Beaverdam, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county. The median home price in Beaverdam is $209,500. Property taxes are then applied using the local tax rate set by Caroline County. Various factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in Beaverdam can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,180, while the 75th percentile tax bill climbs to approximately $2,149. Those in the 90th percentile may see tax bills as high as $3,121. This wide range highlights the impact of property value assessments and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Beaverdam's tax rates can result in diverse financial obligations for homeowners, making it essential for them to understand how their property is assessed and what factors contribute to their tax bill.
Average Beaverdam Tax Bill
$1,613
Average Caroline County Tax Bill
$1,559
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 | $831 | $1,180 | $1,613 | $2,149 | $3,121 |
Source: Ownwell