Somerville, Virginia Property Taxes
The median property tax rate in Somerville, 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 $345,000 in Somerville, the typical annual property tax bill reaches $3,129, surpassing the national median of $2,690. Property taxes in Somerville are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural use. Understanding Somerville'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 Somerville or another part of Fauquier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Somerville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,140
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Virginia
Property taxes in Somerville, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22739 zip code has the highest median property tax rate of 0.91%, while the 22739 zip code also has the lowest median tax rate of 0.91%. Understanding how these areas compare with Somerville 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 Somerville 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 Somerville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22739 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Virginia
In Somerville, 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 Somerville, 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 Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 22739 at $3,129, which is also the lowest.
Average Somerville Assessed Value
$345,000
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 Somerville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22739 | $345,000 | $345,000 | $345,000 | $345,000 | $345,000 |
Source: Ownwell
Property Tax Bills Across Somerville, Virginia
In Somerville, property tax bills are calculated based on the assessed value of the property, which is determined by local tax assessors. The assessed value is typically a percentage of the market value, and this valuation is crucial in determining the property tax bill. Homeowners in Somerville experience a median property tax bill of $3,129, which is notably higher than the national median property tax rate of 0.99%. Factors that influence the tax bill include the property's location within Fauquier County, the assessed value, and the local tax rate set by the county authorities. For homeowners, this means that the higher the assessed value of their property, the higher their tax bill will be. This can significantly impact household budgets, especially in areas with rapidly increasing property values. Comparatively, even within the same zip code of 22739, tax bills remain consistent at $3,129, reflecting a uniform approach to property tax assessments in the region. This consistency provides a predictable financial obligation for property owners, aiding in long-term financial planning.
Average Somerville Tax Bill
$3,129
Average Fauquier County Tax Bill
$3,881
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22739 | $3,129 | $3,129 | $3,129 | $3,129 | $3,129 |
Source: Ownwell