Oakton, Virginia Property Taxes
The median property tax rate in Oakton, 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 Oakton at $840,990, the typical annual property tax bill reaches $9,632, exceeding the national median of $2,690. Property taxes in Oakton 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 Oakton'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 Oakton 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
Oakton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$9,587
Ownwell’s Oakton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakton 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 Oakton, Virginia
Property taxes in Oakton, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakton is 1.14%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Oakton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakton 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 Oakton's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22124 zip code has the highest median property tax rate of 1.14%, while the 22124 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Oakton 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 Oakton 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 Oakton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22124 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Oakton, Virginia
In Oakton, 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 Fairfax County Assessor 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 Oakton, 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. The median home price in Oakton stands at $840,990, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $6,394, while the 75th percentile tax bill is $12,008, and the 90th percentile tax bill reaches $16,360. Notably, the zip code 22124 has both the highest and lowest median tax bill at $9,632. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Oakton Assessed Value
$840,990
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 Oakton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22124 | $297,140 | $560,240 | $840,990 | $1,049,455 | $1,433,210 |
Source: Ownwell
Property Tax Bills Across Oakton, Virginia
In Oakton, Fairfax County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the Fairfax County tax assessor, who evaluates various factors such as the property's size, location, condition, and market trends. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Oakton, the median home price is $840,990, which significantly influences their property tax bills. The tax bill for homes in the 25th percentile is around $6,394, while those in the 75th percentile pay approximately $12,008. At the 90th percentile, the tax bill can reach up to $16,360. These figures highlight the substantial impact of property taxes on homeowners, especially compared to the national median property tax rate of 0.99%. The highest and lowest median tax bill in the area is $9,632, both occurring in the 22124 ZIP code, indicating a relatively consistent tax burden across the region. This consistency helps homeowners plan their finances more effectively.
Average Oakton Tax Bill
$9,632
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22124 | $3,367 | $6,394 | $9,632 | $12,008 | $16,360 |
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. | |