Culpeper, Virginia Property Taxes
The median property tax rate in Culpeper, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value in Culpeper of $172,350, the typical annual property tax bill is $1,255, significantly below the national median of $2,690. Property taxes in Culpeper are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Culpeper's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Culpeper or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Culpeper, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,275
Ownwell’s Culpeper Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Culpeper with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Culpeper 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 Culpeper, Virginia
Property taxes in Culpeper, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Culpeper is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Culpeper set these rates annually, and they can vary significantly across different neighborhoods. Each year, Culpeper 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 Culpeper's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22701 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Culpeper provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Culpeper Tax Rate
0.74%
Average Madison County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Culpeper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22701 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Culpeper, Virginia
In Culpeper, 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 Culpeper, 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 Culpeper helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Culpeper is 22701, with a value of $1,255.
Average Culpeper Assessed Value
$172,350
Average Madison County Assessed Value
$210,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Culpeper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22701 | $110,030 | $128,750 | $172,350 | $251,575 | $357,160 |
Source: Ownwell
Property Tax Bills Across Culpeper, Virginia
Property tax bills in Culpeper, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Once the assessment is made, the tax rate is applied to calculate the annual tax bill. In Culpeper, homeowners can expect a median tax bill of around $1,255, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in the 25th percentile pay around $943, while those in the 75th percentile face bills closer to $1,804. At the higher end, the 90th percentile tax bill can reach up to $2,390. These variations highlight the importance of accurate assessments and understanding local tax rates. High property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting their financial planning and long-term investments.
Average Culpeper Tax Bill
$1,255
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Culpeper, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22701 | $812 | $943 | $1,255 | $1,804 | $2,390 |
Source: Ownwell