Waterford, Virginia Property Taxes
The median property tax rate in Waterford, VA is 0.88%, slightly below the state median of 0.89% but still lower than the national median of 0.99%. With the median home value in Waterford at $1,052,525, the typical annual property tax bill reaches $9,033, significantly higher than the national median of $2,690. Property taxes in Waterford are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waterford'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 Waterford 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
Waterford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$9,262
Ownwell’s Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Virginia
Property taxes in Waterford, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford is 0.88%, lower than the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterford 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 Waterford's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20197 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Waterford 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 Waterford 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 Waterford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20197 | 0.77% | 0.87% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Virginia
In Waterford, 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. Assessment notices in Waterford 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 Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waterford is $1,052,525, with median tax bills ranging from $7,046 to $11,746. The highest and lowest median tax bills, both at $9,033, are in the zip code 20197.
Property Tax Assessment Values Across Waterford, Virginia
Source: Ownwell
$444,410
$1,026,460
$1,608,510
Average Waterford Assessed Value
$1,052,525
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 Waterford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20197 | $681,367 | $842,672 | $1,052,525 | $1,221,652 | $1,421,423 |
Source: Ownwell
Property Tax Bills Across Waterford, Virginia
In Waterford, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to derive the annual tax bill. For homeowners in Waterford, the median home price is $1,052,525. Property tax bills in this region can vary significantly, with the 25th percentile bill at $7,046 and the 75th percentile reaching up to $10,427. The 90th percentile tax bill is even higher at $11,746. Compared to the national median property tax rate of 0.99%, Waterford's property tax bills reflect the higher property values in the area. These tax bills contribute to essential public services such as schools, infrastructure, and emergency services, impacting homeowners by ensuring community resources are well-funded. However, the higher tax bills can be a significant financial consideration for residents, influencing decisions on homeownership and property investments in the region.
Average Waterford Tax Bill
$9,033
Average Loudoun County Tax Bill
$5,811
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20197 | $5,623 | $7,046 | $9,033 | $10,427 | $11,746 |
Source: Ownwell