Rockingham, Virginia Property Taxes
The median property tax rate in Rockingham, VA is 0.93%, slightly lower than the national median of 0.99% but higher than the Virginia state median of 0.89%. With the median home value in Rockingham at $186,400, the typical annual property tax bill reaches $1,338, which is below the national median of $2,690. Property taxes in Rockingham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rockingham'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 Rockingham 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
Rockingham, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,734
Ownwell’s Rockingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockingham 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 Rockingham, Virginia
Property taxes in Rockingham, Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Rockingham is 0.93%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Rockingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockingham 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 Rockingham's effective property tax rate to other areas in Virginia and the national median. For comparison, the 22802 zip code has the highest median property tax rate of 0.96%, while the 22801 zip code has the lowest median tax rate of 0.90%. Understanding how these areas compare with Rockingham provides valuable insights into the varying tax landscape across Harrisonburg, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockingham Tax Rate
0.93%
Average Harrisonburg County Tax Rate
0.96%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockingham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22801 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| 22802 | 0.84% | 0.88% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Rockingham, Virginia
In Rockingham, 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 Rockingham, 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. For instance, the highest median tax bill in the area is $1,499 in the 22802 zip code, while the lowest is $692 in the 22801 zip code. 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 Rockingham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockingham Assessed Value
$186,400
Average Harrisonburg County Assessed Value
$245,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockingham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22801 | $76,900 | $76,900 | $76,900 | $76,900 | $76,900 |
| 22802 | $141,810 | $170,475 | $212,350 | $277,900 | $349,180 |
Source: Ownwell
Property Tax Bills Across Rockingham, Virginia
In Rockingham, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $186,400. Property taxes are determined by multiplying the assessed value by the local tax rate, which can vary within the county. For instance, homeowners in the 25th percentile pay around $1,056, while those in the 75th percentile see tax bills closer to $1,696. At the 90th percentile, the tax bill can reach up to $2,051. These figures highlight the range of property tax burdens homeowners may experience. Several factors influence the assessed value, including the home's market value, location, and any improvements made. In Rockingham, the highest median tax bill is $1,499 in the 22802 zip code, while the lowest median tax bill is $692 in the 22801 zip code. Compared to the national median property tax rate of 0.99%, Rockingham's rates can significantly impact homeowners, affecting their overall cost of living and financial planning.
Average Rockingham Tax Bill
$1,338
Average Harrisonburg County Tax Bill
$2,313
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockingham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22801 | $692 | $692 | $692 | $692 | $692 |
| 22802 | $1,242 | $1,338 | $1,499 | $1,893 | $2,130 |
Source: Ownwell