Silver Spring, Virginia Property Taxes
The median property tax rate in Silver Spring, 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 Silver Spring at $358,610, the typical annual property tax bill reaches $4,101, exceeding the national median of $2,690. Property taxes in Silver Spring 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 Silver Spring'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 Silver Spring 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
Silver Spring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$4,088
Ownwell’s Silver Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Spring 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 Silver Spring, Virginia
Property taxes in Silver Spring, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Spring is 1.14%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Silver Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Spring 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 Silver Spring's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20904 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Silver Spring 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 Silver Spring 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 Silver Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20904 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Silver Spring, Virginia
In Silver Spring, 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 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 Silver Spring, 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 Silver Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Silver Spring are both $4,101, found in the 20904 zip code.
Property Tax Assessment Values Across Silver Spring, Virginia
Source: Ownwell
$26,110
$12,068,795
$24,111,480
Average Silver Spring Assessed Value
$358,610
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 Silver Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20904 | $358,610 | $358,610 | $358,610 | $358,610 | $358,610 |
Source: Ownwell
Property Tax Bills Across Silver Spring, Virginia
In Silver Spring, located in Fairfax County, VA, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the property's market value based on various factors such as location, size, and condition. Fairfax County's property tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $358,610, homeowners can expect their property tax bill to be around $4,101, which is consistent across different percentiles in the area. This tax bill is significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Homeowners in Silver Spring should be aware that these property taxes can significantly impact their annual expenses, making it crucial to understand how their tax bills are calculated and to explore any available exemptions or appeals that might reduce their financial burden.
Average Silver Spring Tax Bill
$4,101
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20904 | $4,101 | $4,101 | $4,101 | $4,101 | $4,101 |
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. | |