Merrifield, Virginia Property Taxes
The median property tax rate in Merrifield, VA is 1.14%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Merrifield at $1,120,060, the typical annual property tax bill reaches $12,808, significantly exceeding the national median of $2,690. Property taxes in Merrifield 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 Merrifield'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 Merrifield or another part of Fairfax County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Merrifield, 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 Merrifield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrifield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrifield 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 Merrifield, Virginia
Property taxes in Merrifield, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merrifield is 1.14%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Merrifield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merrifield 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 Merrifield's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20877 zip code has the highest median property tax rate of 1.14%, while the 22116 zip code has the lowest median tax rate of 1.14%. Understanding how these cities compare with Merrifield provides valuable insights into the varying tax landscape across Fairfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merrifield Tax Rate
1.14%
Average Fairfax County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merrifield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20877 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| 22116 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Merrifield, Virginia
In Merrifield, Virginia, grasping the distinction between "market value" and "assessed value" is essential for understanding property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Fairfax County Appraisal District for tax purposes. Conversely, 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 Merrifield, assessment notices are generally mailed out in the spring, typically by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. Merrifield’s median home price is $1,120,060, and the median tax bill ranges from $12,619 in the 25th percentile to $13,118 in the 90th percentile. The highest median tax bill of $13,196 is found in zip code 20877, while the lowest is $12,619 in zip code 22116. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Property Tax Assessment Values Across Merrifield, Virginia
Source: Ownwell
$26,110
$12,068,795
$24,111,480
Average Merrifield Assessed Value
$1,120,060
Average Fairfax County Assessed Value
$616,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merrifield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20877 | $1,153,960 | $1,153,960 | $1,153,960 | $1,153,960 | $1,153,960 |
| 22116 | $1,090,333 | $1,095,288 | $1,103,545 | $1,111,802 | $1,116,757 |
Source: Ownwell
Property Tax Bills Across Merrifield, Virginia
In Merrifield, Fairfax County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For instance, the median home price in Merrifield is $1,120,060. Property tax rates in this area are influenced by various factors, including the county’s budget requirements and local government services. Homeowners in Merrifield can expect property tax bills to vary. For example, the 25th percentile tax bill is $12,619, while the 75th percentile tax bill is $13,002. The 90th percentile tax bill can reach up to $13,118. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in Fairfax County. Understanding how these factors interplay is crucial for homeowners, as property taxes significantly impact annual housing costs. Accurate assessments ensure that homeowners contribute fairly to the community while receiving essential public services.
Average Merrifield Tax Bill
$12,808
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Merrifield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20877 | $13,196 | $13,196 | $13,196 | $13,196 | $13,196 |
| 22116 | $12,468 | $12,525 | $12,619 | $12,713 | $12,770 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | June 6 |
| Due Date #2 | December 5 |
Links | |
|---|---|
| Fairfax Tax Assessor | |
| realestateoffice@fairfaxva.gov. | |