Rappahannock Academy, Virginia Property Taxes
The median property tax rate in Rappahannock Academy, VA, is 0.77%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $174,850 in Rappahannock Academy, the typical annual property tax bill amounts to $1,466, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Rappahannock Academy'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 Rappahannock Academy or another part of Caroline County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rappahannock Academy, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,346
$1,249
Ownwell’s Rappahannock Academy Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rappahannock Academy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rappahannock Academy 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 Rappahannock Academy, Virginia
Property taxes in Rappahannock Academy, Virginia, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rappahannock Academy is 0.77%, which is notably lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Rappahannock Academy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rappahannock Academy 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 Rappahannock Academy's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22538 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 figures compare with Rappahannock Academy 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 Rappahannock Academy 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 Rappahannock Academy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22538 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Rappahannock Academy, Virginia
In Rappahannock Academy, 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. 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 Rappahannock Academy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22538 has the highest median tax bill of $1,466.
Property Tax Assessment Values Across Rappahannock Academy, Virginia
Source: Ownwell
$171,000
$466,900
$762,800
Average Rappahannock Academy Assessed Value
$174,850
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 Rappahannock Academy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22538 | $52,350 | $113,225 | $174,850 | $276,775 | $437,700 |
Source: Ownwell
Property Tax Bills Across Rappahannock Academy, Virginia
Property tax bills in Rappahannock Academy, located in Caroline County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $174,850, homeowners can expect varying tax bills. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, the tax bill for the 25th percentile is around $909, while it rises to $2,149 for the 75th percentile and can reach up to $3,393 for the 90th percentile. Compared to the national median property tax rate of 0.99%, homeowners in Rappahannock Academy may experience varying levels of financial impact. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Rappahannock Academy Tax Bill
$1,466
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rappahannock Academy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22538 | $495 | $909 | $1,466 | $2,149 | $3,393 |
Source: Ownwell