Sperryville, Virginia Property Taxes
The median property tax rate in Sperryville, 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 a median home value of $204,200 in Sperryville, the typical annual property tax bill amounts to $1,436, well below the national median of $2,690. Property taxes in Sperryville are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Sperryville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're residing in the heart of Sperryville or another part of Madison County, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Sperryville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,511
Ownwell’s Sperryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sperryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sperryville 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 Sperryville, Virginia
Property taxes in Sperryville, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sperryville is 0.74%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Sperryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sperryville 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 Sperryville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22740 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 Sperryville 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 Sperryville 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 Sperryville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22740 | 0.55% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Sperryville, Virginia
In Sperryville, 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 Madison 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 Sperryville, 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 Sperryville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sperryville are both $1,436, found in the zip code 22740.
Average Sperryville Assessed Value
$204,200
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 Sperryville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22740 | $111,720 | $154,100 | $204,200 | $310,600 | $394,120 |
Source: Ownwell
Property Tax Bills Across Sperryville, Virginia
In Sperryville, VA, property tax bills are calculated based on the assessed value of a home, which may differ from its market value. Homeowners in Sperryville can expect their property tax bill to be influenced by the local tax rate and the assessed value of their property. For instance, the median home price in Sperryville is $204,200. Depending on the specifics of the property and its assessed value, tax bills can vary significantly. At the 25th percentile, tax bills are around $1,117, while at the 75th percentile, they rise to approximately $2,099. The top 10% of tax bills can reach up to $2,708. These figures suggest that property taxes in Sperryville can be a significant expense for homeowners, with the highest median tax bill recorded at $1,436. This is notably higher than the national median property tax rate of 0.99%, impacting homeowners' annual budgets and financial planning. Understanding these factors helps homeowners anticipate their tax liabilities better.
Average Sperryville Tax Bill
$1,436
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Sperryville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22740 | $704 | $1,117 | $1,436 | $2,099 | $2,708 |
Source: Ownwell