Midland, Virginia Property Taxes
The median property tax rate in Midland, VA is 0.91%, slightly below the national median of 0.99% yet above the Virginia state median of 0.89%. With the median home value in Midland at $399,800, the typical annual property tax bill reaches $3,401, surpassing the national median of $2,690. Property taxes in Midland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Midland'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 Midland 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
Midland, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,638
$3,376
Ownwell’s Midland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midland 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 Midland, Virginia
Property taxes in Midland, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midland is 0.91%, which is slightly below the U.S. national median of 0.99%. Local government entities within Midland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22728 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 cities compare with Midland 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 Midland 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 Midland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22728 | 0.40% | 0.91% | 0.91% | 0.91% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Midland, Virginia
In Midland, 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 Fauquier 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 Midland, 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 Midland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 22728 has the highest and lowest median tax bill at $3,401.
Average Midland Assessed Value
$399,800
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 Midland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22728 | $70,540 | $227,100 | $399,800 | $537,700 | $707,580 |
Source: Ownwell
Property Tax Bills Across Midland, Virginia
Property tax bills in Midland, located in Fauquier County, VA, are determined based on the assessed value of a property and the local tax rate. Homeowners in this area see their properties assessed to reflect market conditions, which directly influences their tax obligations. The median home price in Midland is $399,800, which plays a significant role in the calculation of property taxes. The tax bill varies significantly across different percentiles. For instance, homeowners in the 25th percentile pay around $1,556, while those in the 75th percentile face a bill of approximately $4,634. At the 90th percentile, the tax bill can reach up to $5,752. This variation is influenced by factors such as property size, location, and improvements. Comparatively, Midland's property tax rates are higher than the national median property tax rate of 0.99%. Consequently, homeowners in this area may experience a more substantial financial burden, impacting their overall cost of living. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Midland Tax Bill
$3,401
Average Fauquier County Tax Bill
$3,881
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Midland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22728 | $97 | $1,556 | $3,401 | $4,634 | $5,752 |
Source: Ownwell