Lake Frederick, Virginia Property Taxes
The median property tax rate in Lake Frederick, VA is 0.51%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lake Frederick at $548,700, the typical annual property tax bill is $2,530, falling below the national median of $2,690. Property taxes in Lake Frederick are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake Frederick'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 Lake Frederick 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
Lake Frederick, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$2,798
$2,597
Ownwell’s Lake Frederick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Frederick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Frederick 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 Lake Frederick, Virginia
Property taxes in Lake Frederick, Virginia, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lake Frederick is 0.51%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Lake Frederick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Frederick 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. For comparison, the zip code 22630 has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these areas compare with Lake Frederick provides valuable insights into the varying tax landscape across Frederick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Frederick Tax Rate
0.51%
Average Frederick County Tax Rate
0.51%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Frederick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22630 | 0.25% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Lake Frederick, Virginia
In Lake Frederick, 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 Frederick 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 Lake Frederick, 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 Lake Frederick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 22630, both at $2,530.
Property Tax Assessment Values Across Lake Frederick, Virginia
Source: Ownwell
$216,300
$788,850
$1,361,400
Average Lake Frederick Assessed Value
$548,700
Average Frederick County Assessed Value
$318,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Frederick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22630 | $371,800 | $447,800 | $548,700 | $635,900 | $709,800 |
Source: Ownwell
Property Tax Bills Across Lake Frederick, Virginia
In Lake Frederick, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. The assessed value is a percentage of the property's market value, and this valuation is used to determine the tax bill. Homeowners in Lake Frederick pay a median property tax rate of approximately 0.99%, which aligns with the national median. Several factors influence the tax bill, including the home's location, size, and market conditions. For instance, the median home price in Lake Frederick is $548,700. At the 25th percentile, homeowners might expect a tax bill around $1,815, whereas those at the 75th percentile could see bills up to $3,067. The highest median tax bill in the area is $2,530, found in the ZIP code 22630. These property tax bills significantly impact homeowners, affecting monthly mortgage payments and overall housing affordability. Understanding these factors can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Lake Frederick Tax Bill
$2,530
Average Frederick County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Frederick, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22630 | $1,378 | $1,815 | $2,530 | $3,067 | $3,484 |
Source: Ownwell