Fredericksburg, Virginia Property Taxes
The median property tax rate in Fredericksburg, 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 Fredericksburg at $251,750, the typical annual property tax bill amounts to $1,940, falling below the national median of $2,690. Property taxes in Fredericksburg 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 Fredericksburg'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 Fredericksburg 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
Fredericksburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,938
Ownwell’s Fredericksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fredericksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fredericksburg 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 Fredericksburg, Virginia
Property taxes in Fredericksburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fredericksburg is 0.77%, which is lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Fredericksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fredericksburg 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 Fredericksburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22408 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 Fredericksburg 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 Fredericksburg 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 Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22408 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Fredericksburg, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fredericksburg, VA. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated 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 Fredericksburg, 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 the area is $251,750, with tax bills ranging from $1,313 at the 25th percentile to $4,162 at the 90th percentile. The zip code with the highest and lowest median tax bill is 22408, both valued at $1,940. 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.
Property Tax Assessment Values Across Fredericksburg, Virginia
Source: Ownwell
$171,000
$466,900
$762,800
Average Fredericksburg Assessed Value
$251,750
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 Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22408 | $117,350 | $170,275 | $251,750 | $332,725 | $529,800 |
Source: Ownwell
Property Tax Bills Across Fredericksburg, Virginia
In Fredericksburg, VA, property tax bills are calculated based on the assessed value of the home. The local tax assessor determines this value, which is then multiplied by the local property tax rate. For homeowners in Fredericksburg, the median home price is $251,750. Property tax bills can vary significantly within the area, with the 25th percentile bill at $1,313 and the 75th percentile bill at $2,567. At the higher end, the 90th percentile tax bill reaches $4,162. Various factors influence these tax bills, including property location, home size, and market conditions. Homeowners in Fredericksburg experience a range of tax obligations, reflecting differences in property values and individual assessments. This variability means that while some homeowners may face relatively modest tax bills, others could see significantly higher amounts. The highest median tax bill within the local zip code 22408 is $1,940. These property taxes directly impact homeowners' annual financial planning and can influence decisions on homeownership and real estate investments.
Average Fredericksburg Tax Bill
$1,940
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fredericksburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22408 | $936 | $1,313 | $1,940 | $2,567 | $4,162 |
Source: Ownwell