Weems, Virginia Property Taxes
The median property tax rate in Weems, VA is 0.63%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Weems at $205,200, the typical annual property tax bill amounts to $1,267, significantly below the national median of $2,690. Property taxes in Weems are determined based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Navigating Weems' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in Weems or another part of Lancaster County, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Weems, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,293
Ownwell’s Weems Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Weems with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Weems to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Weems, Virginia
Property taxes in Weems, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Weems stands at 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Weems set these rates annually, and they can vary significantly across different neighborhoods. Each year, Weems 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 Weems' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22576 has both the highest and lowest median property tax rate in Lancaster County, at 0.63%. Understanding how these cities compare with Weems provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Weems Tax Rate
0.63%
Average Lancaster County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Weems, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22576 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Weems, Virginia
In Weems, 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 Lancaster 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 Weems, 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 Weems helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Weems is $205,200, with the highest and lowest median tax bills both being $1,267 in zip code 22576.
Average Weems Assessed Value
$205,200
Average Lancaster County Assessed Value
$195,250
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Weems, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22576 | $56,220 | $88,550 | $205,200 | $517,950 | $770,800 |
Source: Ownwell
Property Tax Bills Across Weems, Virginia
In Weems, VA, property tax bills are calculated based on the assessed value of the property, which is determined by the Lancaster County assessor's office. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. Homeowners in Weems can expect property tax bills to vary significantly, with the 25th percentile tax bill at $545 and the 75th percentile reaching $3,220. The highest median tax bill in the area is $1,267, which aligns with the lowest median tax bill, suggesting a consistent valuation approach within the zip code 22576. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. With the national median property tax rate at 0.99%, Weems residents may find their property tax rates to be competitive or slightly higher, depending on individual property assessments. Understanding these variables helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are well-prepared for their annual tax responsibilities.
Average Weems Tax Bill
$1,267
Average Lancaster County Tax Bill
$1,042
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Weems, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22576 | $319 | $545 | $1,267 | $3,220 | $4,856 |
Source: Ownwell