Millwood, Virginia Property Taxes
The median property tax rate in Millwood, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Millwood, the typical annual property tax bill reaches $2,066, which is below the national median of $2,690. Property taxes in Millwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millwood'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 Millwood 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
Millwood, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Millwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millwood 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 Millwood, Virginia
Property taxes in Millwood, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millwood is 0.60%, lower than both the Virginia state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Millwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millwood 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 Millwood's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22646 zip code has the highest median property tax rate of 0.60%, while the 22646 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Millwood provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millwood Tax Rate
0.60%
Average Clarke County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22646 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Millwood, Virginia
In Millwood, 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 Clarke 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 Millwood, 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 Millwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Millwood are both $2066, with the zip code 22646 having this value.
Average Millwood Assessed Value
$344,400
Average Clarke County Assessed Value
$342,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22646 | $344,400 | $344,400 | $344,400 | $344,400 | $344,400 |
Source: Ownwell
Property Tax Bills Across Millwood, Virginia
In Millwood, located in Clarke County, VA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the home. Homeowners in Millwood can expect a median property tax bill of $2,066, which is consistent across various percentiles, indicating a uniform tax rate within the area. This rate is notably higher than the national median property tax rate of 0.99%, impacting homeowners by increasing their annual expenses. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners need to stay informed about their property’s assessed value to understand their tax obligations fully. High property taxes can affect affordability, making it crucial for residents to budget accordingly. Understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and plan for future expenses.
Average Millwood Tax Bill
$2,066
Average Clarke County Tax Bill
$2,002
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Millwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22646 | $2,066 | $2,066 | $2,066 | $2,066 | $2,066 |
Source: Ownwell