Somerset, Virginia Property Taxes
The median property tax rate in Somerset, VA is 0.76%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Somerset at $293,900, the typical annual property tax bill amounts to $2,246, falling below the national median of $2,690. Property taxes in Somerset 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 Somerset'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 Somerset 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
Somerset, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,234
Ownwell’s Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Virginia
Property taxes in Somerset, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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. Understanding how these cities compare with Somerset provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
0.76%
Average Orange County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | 0.75% | 0.75% | 0.76% | 0.80% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Somerset, Virginia. The market value represents 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 Orange 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 Somerset, 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 Somerset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Somerset is $293,900, with tax bills ranging from $1,313 at the 25th percentile to $11,697 at the 90th percentile. The zip code 22972 has both the highest and lowest median tax bill of $2,246.
Average Somerset Assessed Value
$293,900
Average Orange County Assessed Value
$231,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | $129,160 | $170,000 | $293,900 | $504,700 | $1,455,220 |
Source: Ownwell
Property Tax Bills Across Somerset, Virginia
In Somerset, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the county's tax rate to determine the annual tax bill. For homeowners in Somerset, the median home price is $293,900. Several factors influence the tax bill, including property size, location, and any improvements made to the property. The tax bill can vary significantly; for example, those in the 25th percentile of tax bills pay around $1,313 annually, while those in the 75th percentile pay about $4,675. The highest tax bills, in the 90th percentile, can reach up to $11,697. Compared to the national median property tax rate of 0.99%, Somerset's rates can lead to higher tax bills, impacting homeowners' annual budgets. Understanding these factors is crucial for homeowners to anticipate their property tax expenses and plan accordingly.
Average Somerset Tax Bill
$2,246
Average Orange County Tax Bill
$1,781
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | $990 | $1,313 | $2,246 | $4,675 | $11,697 |
Source: Ownwell