Freeman, Virginia Property Taxes
The median property tax rate in Freeman, VA is 0.67%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Freeman at $70,400, the typical annual property tax bill is $472, significantly less than the national median of $2,690. Property taxes in Freeman 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 Freeman'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 Freeman 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
Freeman, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$472
$438
Ownwell’s Freeman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeman 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 Freeman, Virginia
Property taxes in Freeman, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeman is 0.67%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Freeman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeman 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 Freeman's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23856 has both the highest and lowest median property tax rate of 0.67%. Understanding how these areas compare with Freeman provides valuable insights into the varying tax landscape across Greensville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeman Tax Rate
0.67%
Average Greensville County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23856 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Freeman, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Freeman, Virginia. The market value represents 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 Greensville 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 Freeman, 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 Freeman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Freeman, the median home price is $70,400. The zip code 23856 has both the highest and lowest median tax bill at $472. The tax bill for the 25th percentile is $363, while the 75th percentile is $570, and the 90th percentile reaches $894.
Average Freeman Assessed Value
$70,400
Average Greensville County Assessed Value
$83,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23856 | $36,140 | $54,150 | $70,400 | $85,100 | $133,480 |
Source: Ownwell
Property Tax Bills Across Freeman, Virginia
In Freeman, Greensville County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors such as location, property size, and home condition are considered during the assessment. For homeowners in Freeman, the median home price is $70,400. Property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $363, while those at the 75th percentile could see bills as high as $570. The 90th percentile tax bill reaches up to $894. The highest and lowest median tax bills in the area both stand at $472, reflecting the uniformity in the tax rate across different properties. Comparatively, the national median property tax rate is 0.99%, making Freeman's rates relatively moderate. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Freeman Tax Bill
$472
Average Greensville County Tax Bill
$563
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23856 | $242 | $363 | $472 | $570 | $894 |
Source: Ownwell