Fort Walker, Virginia Property Taxes
The median property tax rate in Fort Walker, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Fort Walker, the typical annual property tax bill reaches $3,460, significantly higher than the national median of $2,690. Property taxes in Fort Walker are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fort Walker'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 Fort Walker 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
Fort Walker, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$3,460
Ownwell’s FORT WALKER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT WALKER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT WALKER 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 Fort Walker, Virginia
Property taxes in Fort Walker, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Walker is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Fort Walker set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Walker 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 Fort Walker's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22427 zip code in Caroline County 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 areas compare with Fort Walker 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 Fort Walker 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 Fort Walker, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22427 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Fort Walker, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fort Walker, Virginia. The market value represents 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 Fort Walker, 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. Fort Walker's median home price stands at $449,300, with tax bills ranging from $3,460 at the 25th percentile to $3,460 at the 90th percentile. The highest and lowest median tax bills are both $3,460 in the zip code 22427. 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 their tax burden.
Average Fort Walker Assessed Value
$449,300
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 Fort Walker, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22427 | $449,300 | $449,300 | $449,300 | $449,300 | $449,300 |
Source: Ownwell
Property Tax Bills Across Fort Walker, Virginia
In Fort Walker, located in Caroline County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Fort Walker is $449,300. Property taxes are determined by the assessed value of the property, which is periodically evaluated by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. In Fort Walker, the tax bills range from the 25th percentile to the 90th percentile, all standing at $3,460, which is higher than the national median property tax rate of 0.99%. This uniformity in tax bills indicates a consistent assessment and taxation approach in the area. For homeowners, this means that understanding how their property is assessed and ensuring it is accurate can significantly impact their annual tax expenses. High property taxes can affect overall affordability and should be a key consideration when purchasing or owning a home in Fort Walker.
Average Fort Walker Tax Bill
$3,460
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Walker, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22427 | $3,460 | $3,460 | $3,460 | $3,460 | $3,460 |
Source: Ownwell