Broad Run, Virginia Property Taxes
The median property tax rate in Broad Run, VA is 0.91%, slightly below the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $562,300, the typical annual property tax bill in Broad Run reaches $5,024, significantly exceeding the national median of $2,690. Property taxes in Broad Run are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Broad Run's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Broad Run or another part of Fauquier County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broad Run, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$5,117
$4,748
Ownwell’s Broad Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broad Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broad Run 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 Broad Run, Virginia
Property taxes in Broad Run, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broad Run is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Broad Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broad Run 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 Broad Run's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20137 zip code has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these areas compare with Broad Run provides valuable insights into the varying tax landscape across Fauquier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broad Run Tax Rate
0.91%
Average Fauquier County Tax Rate
0.91%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broad Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20137 | 0.60% | 0.90% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Broad Run, Virginia
In Broad Run, 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 local 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 Broad Run, 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 Broad Run helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Broad Run’s highest and lowest median tax bills are both $5024, found in zip code 20137.
Average Broad Run Assessed Value
$562,300
Average Fauquier County Assessed Value
$435,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broad Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20137 | $95,800 | $392,600 | $562,300 | $705,600 | $897,400 |
Source: Ownwell
Property Tax Bills Across Broad Run, Virginia
In Broad Run, located in Fauquier County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Broad Run can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $3,354 and the 75th percentile reaching $6,251. For those in the 90th percentile, tax bills can soar up to $7,810. The median home price in Broad Run stands at $562,300, which significantly impacts the overall tax bill. Compared to the national median property tax rate of 0.99%, the property taxes in Broad Run can be quite substantial. These taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the quality of life for homeowners. Understanding how property tax bills are calculated helps homeowners better manage their financial planning and anticipate annual expenditures.
Average Broad Run Tax Bill
$5,024
Average Fauquier County Tax Bill
$3,881
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Broad Run, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20137 | $73 | $3,354 | $5,024 | $6,251 | $7,810 |
Source: Ownwell