Hamilton, Virginia Property Taxes
The median property tax rate in Hamilton, VA is 0.88%, slightly below the Virginia state median of 0.89% but still competitive compared to the national median of 0.99%. With a median home value of $752,540 in Hamilton, the typical annual property tax bill amounts to $6,449, significantly higher than the national median of $2,690. Property taxes in Hamilton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hamilton'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 Hamilton 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
Hamilton, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, Virginia
Property taxes in Hamilton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 20158 has the same median property tax rate of 0.88%. Understanding how these areas compare with Hamilton provides valuable insights into the varying tax landscape across Loudoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
0.88%
Average Loudoun County Tax Rate
0.88%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20158 | 0.87% | 0.87% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Virginia
In Hamilton, 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 Loudoun 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 Hamilton, 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,449 in the 20158 zip code, which is notably higher than the national median property tax rate of 0.99%. The lowest median tax bill is also $6,449 in the same zip code.
Average Hamilton Assessed Value
$752,540
Average Loudoun County Assessed Value
$662,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20158 | $463,442 | $537,822 | $752,540 | $1,059,095 | $1,258,766 |
Source: Ownwell
Property Tax Bills Across Hamilton, Virginia
In Hamilton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate is applied to this assessed value to determine the final tax bill. For instance, with a median home price of $752,540, homeowners can expect varying tax bills. Factors that influence these bills include the assessed value, local tax rates, and any applicable exemptions. Homeowners in Hamilton typically see tax bills ranging from $4,698 at the 25th percentile to $9,175 at the 75th percentile, with the 90th percentile reaching up to $10,679. The highest and lowest median tax bills in the region are both $6,449, found in zip code 20158. Compared to the national median property tax rate of 0.99%, Hamilton's rates reflect the area's property values and local tax policies. These tax bills significantly impact homeowners' annual budgets, influencing decisions on purchasing and maintaining properties in the area.
Average Hamilton Tax Bill
$6,449
Average Loudoun County Tax Bill
$5,811
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20158 | $4,042 | $4,698 | $6,449 | $9,175 | $10,679 |
Source: Ownwell