Haymarket, Virginia Property Taxes
The median property tax rate in Haymarket, VA is 1.04%, slightly higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Haymarket at $677,500, the typical annual property tax bill reaches $7,019, significantly exceeding the national median of $2,690. Property taxes in Haymarket 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 Haymarket'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 Haymarket 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
Haymarket, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$7,046
Ownwell’s Haymarket Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Haymarket with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Haymarket 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 Haymarket, Virginia
Property taxes in Haymarket, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Haymarket is 1.04%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Haymarket set these rates annually, and they can vary significantly across different neighborhoods. Each year, Haymarket 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 Haymarket's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20169 zip code has the highest median property tax rate of 1.04%, while the same 20169 zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Haymarket provides valuable insights into the varying tax landscape across Prince William County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Haymarket Tax Rate
1.04%
Average Prince William County Tax Rate
1.04%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Haymarket, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20169 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Haymarket, Virginia
In Haymarket, 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 Prince William County 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 Haymarket, 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 Haymarket helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $7,019, found in the zip code 20169.
Average Haymarket Assessed Value
$677,500
Average Prince William County Assessed Value
$464,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Haymarket, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20169 | $402,800 | $535,225 | $677,500 | $828,800 | $1,007,780 |
Source: Ownwell
Property Tax Bills Across Haymarket, Virginia
In Haymarket, VA, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate set by Prince William County. For instance, with a median home price of $677,500, homeowners can expect varying tax bills depending on their specific property assessment and applicable exemptions. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. For example, the tax bill for the 25th percentile is $5,553, while for the 75th percentile, it is $8,593. At the 90th percentile, it rises to $10,417. These figures illustrate the potential range of property tax bills in Haymarket, emphasizing the impact of assessed value on homeowners' expenses. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Haymarket to understand how local rates and assessments influence their overall tax obligations.
Average Haymarket Tax Bill
$7,019
Average Prince William County Tax Bill
$4,796
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Haymarket, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20169 | $4,173 | $5,553 | $7,019 | $8,593 | $10,417 |
Source: Ownwell