Farmville, Virginia Property Taxes
The median property tax rate in Farmville, VA is 0.75%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Farmville at $119,550, the typical annual property tax bill amounts to $897, well below the national median of $2,690. Property taxes in Farmville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Farmville'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 Farmville or another part of Cumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$897
Ownwell’s Farmville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Farmville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Farmville to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, scroll down to find localized information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Farmville, Virginia
Property taxes in Farmville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmville is 0.75%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Farmville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmville 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 Farmville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23901 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Farmville provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmville Tax Rate
0.75%
Average Cumberland County Tax Rate
0.75%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Farmville, Virginia
In Farmville, 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 Cumberland 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 Farmville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Farmville is $897 in zip code 23901, which is also the lowest.
Average Farmville Assessed Value
$119,550
Average Cumberland County Assessed Value
$125,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $39,158 | $72,990 | $119,550 | $190,530 | $290,590 |
Source: Ownwell
Property Tax Bills Across Farmville, Virginia
In Farmville, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of your home's market value, which is then multiplied by the local tax rate to determine your tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Farmville, the median home price is $119,550. Property tax bills can vary significantly, with the 25th percentile at $548 and the 75th percentile at $1455. The 90th percentile tax bill can reach up to $2230. The median tax bill in the 23901 ZIP code stands at $897, highlighting the range of tax liabilities residents might face. Compared to the national median property tax rate of 0.99%, Farmville's property taxes can be a substantial expense for homeowners. Understanding these factors helps residents anticipate their annual tax obligations and plan their finances accordingly.
Average Farmville Tax Bill
$897
Average Cumberland County Tax Bill
$944
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $296 | $548 | $897 | $1,455 | $2,230 |
Source: Ownwell