Orange, Virginia Property Taxes
The median property tax rate in Orange, VA is 0.74%, 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 Orange at $186,700, the typical annual property tax bill amounts to $1,380, significantly below the national median of $2,690. Property taxes in Orange are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural land. Familiarizing yourself with Orange's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Orange or its surrounding areas, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Orange, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,382
$1,282
Ownwell’s Orange Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orange with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orange 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 Orange, Virginia
Property taxes in Orange, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orange is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Orange set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orange 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 Orange's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22960 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Orange 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 Orange 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 Orange, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22960 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Orange, Virginia
In Orange, 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. 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 Orange 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 is 22960, with a median tax bill of $1,380.
Average Orange Assessed Value
$186,700
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 Orange, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22960 | $104,460 | $135,350 | $186,700 | $257,150 | $351,760 |
Source: Ownwell
Property Tax Bills Across Orange, Virginia
In Orange, VA, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For example, with a median home price of $186,700, homeowners can expect property tax bills that vary significantly. The 25th percentile tax bill is around $982, while the 75th percentile is approximately $1,884, and the 90th percentile reaches up to $2,471. These figures highlight the range of property tax burdens homeowners in the area might face. Factors such as property size, improvements, and market conditions are considered when determining the assessed value. Compared to the national median property tax rate of 0.99%, residents in Orange, VA, may find their tax rates to be competitive. However, the actual financial impact on homeowners can vary widely based on the specific assessed value of their property. Understanding these elements helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Orange Tax Bill
$1,380
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Orange, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22960 | $740 | $982 | $1,380 | $1,884 | $2,471 |
Source: Ownwell