Paeonian Springs, Virginia Property Taxes
The median property tax rate in Paeonian Springs, VA is 0.88%, slightly below both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Paeonian Springs at $973,335, the typical annual property tax bill reaches $8,183, significantly exceeding the national median of $2,690. Property taxes in Paeonian Springs 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 Paeonian Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Paeonian Springs or another part of Loudoun County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paeonian Springs, 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 Paeonian Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paeonian Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paeonian Springs 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 Paeonian Springs, Virginia
Property taxes in Paeonian Springs, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paeonian Springs is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Paeonian Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paeonian Springs 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 Paeonian Springs' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 20129 has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Paeonian Springs 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 Paeonian Springs 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 Paeonian Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20129 | 0.76% | 0.83% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Paeonian Springs, Virginia
In Paeonian Springs, 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 Paeonian Springs, 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. The median home price here is $973,335, with tax bills ranging from $4,452 at the 25th percentile to $14,204 at the 90th percentile. The highest and lowest median tax bills are both recorded at $8,183 in the 20129 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 Paeonian Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Paeonian Springs, Virginia
Source: Ownwell
$444,410
$1,026,460
$1,608,510
Average Paeonian Springs Assessed Value
$973,335
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 Paeonian Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20129 | $406,970 | $517,668 | $973,335 | $1,393,448 | $1,718,685 |
Source: Ownwell
Property Tax Bills Across Paeonian Springs, Virginia
In Paeonian Springs, located in Loudoun County, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the final tax bill. For instance, with a median home price of $973,335, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as the property's location, size, and condition all play a role in determining its assessed value. In Paeonian Springs, tax bills can range significantly, with the 25th percentile at $4,452 and the 75th percentile at $11,463. The highest tax bills, found in the 90th percentile, can reach up to $14,204. Compared to the national median property tax rate of 0.99%, homeowners in Paeonian Springs may find their tax bills to be higher, reflecting the area's higher property values. This can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Paeonian Springs Tax Bill
$8,183
Average Loudoun County Tax Bill
$5,811
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Paeonian Springs, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20129 | $3,561 | $4,452 | $8,183 | $11,463 | $14,204 |
Source: Ownwell