Faber, Virginia Property Taxes
The median property tax rate in Faber, VA is 0.65%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Faber, the typical annual property tax bill reaches $947, well below the national median of $2,690. Property taxes in Faber are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Faber'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 Faber or another part of Nelson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Faber, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,017
Ownwell’s FABER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FABER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FABER 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 Faber, Virginia
Property taxes in Faber, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Faber is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Faber set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faber 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 Faber's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22938 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Faber provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faber Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faber, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22938 | 0.39% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Faber, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Faber, 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 appraisal 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 Faber, 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 Faber helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22938 has the highest and lowest median tax bill at $947.
Average Faber Assessed Value
$156,500
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faber, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22938 | $22,110 | $46,000 | $156,500 | $312,275 | $482,430 |
Source: Ownwell
Property Tax Bills Across Faber, Virginia
In Faber, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The median home price in Faber is $156,500. Property taxes are then applied using the local tax rate. For homeowners, this means their annual tax bill can vary significantly. For example, the 25th percentile tax bill is around $261, while the 75th percentile tax bill can go up to $1,861, and those in the 90th percentile might pay as much as $2,579. This variation is influenced by factors such as property location, home size, and any applicable exemptions or deductions. The highest median tax bill recorded in the area is $947, which is in the zip code 22938. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and the overall affordability of their property. Compared to the national median property tax rate of 0.99%, Faber's rates reflect local economic conditions and funding needs for public services.
Average Faber Tax Bill
$947
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Faber, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22938 | $92 | $261 | $947 | $1,861 | $2,579 |
Source: Ownwell