Franktown, Virginia Property Taxes
The median property tax rate in Franktown, VA is 0.76%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $273,100 in Franktown, the typical annual property tax bill amounts to $2,076, falling below the national median of $2,690. Property taxes in Franktown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Franktown'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 Franktown or another part of Northampton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franktown, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,076
Ownwell’s Franktown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Franktown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Franktown to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Franktown, Virginia
Property taxes in Franktown, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Franktown is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Franktown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franktown 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 Franktown's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23354 has both the highest and lowest median property tax rates at 0.76%. Understanding how these areas compare with Franktown provides valuable insights into the varying tax landscape across Northampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franktown Tax Rate
0.76%
Average Northampton County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franktown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23354 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Franktown, Virginia
In Franktown, 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 Northampton 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 Franktown, 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 Franktown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Franktown is 23354, with a median tax bill of $2,076.
Average Franktown Assessed Value
$273,100
Average Northampton County Assessed Value
$142,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franktown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23354 | $42,300 | $133,600 | $273,100 | $456,600 | $629,900 |
Source: Ownwell
Property Tax Bills Across Franktown, Virginia
In Franktown, located in Northampton County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. For example, if the median home price is $273,100, homeowners can expect varying tax bills depending on the assessed value assigned to their property. The tax bill at the 25th percentile is around $1,015, while at the 75th percentile, it rises to approximately $3,470. For those in the 90th percentile, the tax bill can reach up to $4,787. Several factors influence the tax bill, including the assessed property value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Franktown may find their tax bills either higher or lower depending on these variables. Higher tax bills can impact homeowners by increasing their annual expenses, potentially affecting their overall financial planning. Understanding these factors helps homeowners better anticipate their property tax obligations and manage their finances effectively.
Average Franktown Tax Bill
$2,076
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Franktown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23354 | $321 | $1,015 | $2,076 | $3,470 | $4,787 |
Source: Ownwell