Foster, Virginia Property Taxes
The median property tax rate in Foster, VA is 0.56%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Foster at $225,750, the typical annual property tax bill reaches $1,264, significantly less than the national median of $2,690. Property taxes in Foster are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Foster'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 Foster 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
Foster, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,264
Ownwell’s Foster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foster 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 Foster, Virginia
Property taxes in Foster, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Foster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foster 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 Foster's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23056 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these areas compare with Foster provides valuable insights into the varying tax landscape across Mathews County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foster Tax Rate
0.56%
Average Mathews County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Foster, Virginia. 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 local authorities 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 Foster, 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. For instance, the median home price in the area is $225,750, and property tax bills can range significantly. The 25th percentile tax bill is $773, while the 75th percentile reaches $2,416, and the 90th percentile is $3,310. 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 Foster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Foster Assessed Value
$225,750
Average Mathews County Assessed Value
$237,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foster, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | $55,500 | $137,500 | $224,400 | $431,150 | $591,000 |
Source: Ownwell
Property Tax Bills Across Foster, Virginia
In Foster, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Foster can expect their property tax bills to vary depending on several factors, including the assessed value and the local tax rate. For instance, with a median home price of $225,750, property tax bills can range significantly. The 25th percentile tax bill is around $773, while the 75th percentile tax bill reaches approximately $2,416. At the 90th percentile, homeowners might see tax bills as high as $3,310. These figures illustrate the variability in tax burdens depending on property values and assessment practices. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. High property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Foster Tax Bill
$1,264
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23056 | $311 | $770 | $1,257 | $2,414 | $3,310 |
Source: Ownwell