Farnham, Virginia Property Taxes
The median property tax rate in Farnham, VA is 0.70%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Farnham, the typical annual property tax bill reaches $932, which is well below the national median of $2,690. Property taxes in Farnham are calculated based on the tax assessed value, often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farnham'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 Farnham or another part of Richmond County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farnham, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$944
Ownwell’s Farnham Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farnham with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Farnham to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Farnham, Virginia
Property taxes in Farnham, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farnham is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Farnham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnham 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 Farnham's effective property tax rate to other areas in Richmond County and the national median. For comparison, the zip code 22460 has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Farnham provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farnham Tax Rate
0.70%
Average Richmond County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22460 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Farnham, Virginia
In Farnham, 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 Richmond 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 Farnham, 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. For instance, the median home price in Farnham is $134,835, with tax bills ranging from $598 at the 25th percentile to $2,377 at the 90th percentile. The zip code 22460 has the highest and lowest median tax bill, both at $932. Being aware of these valuation processes in Farnham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farnham Assessed Value
$134,835
Average Richmond County Assessed Value
$134,435
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farnham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22460 | $50,900 | $86,330 | $134,835 | $209,832 | $347,734 |
Source: Ownwell
Property Tax Bills Across Farnham, Virginia
In Farnham, located in Richmond County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the market value of the property. Homeowners in Farnham can expect their property tax bills to vary significantly depending on the value of their homes. For example, the tax bill at the 25th percentile is $598, while at the 75th percentile, it rises to $1451, and at the 90th percentile, it can reach $2377. These tax bills directly impact homeowners by contributing to the overall cost of owning property. The median home price in Farnham is approximately $134,835, and with property tax rates fluctuating, homeowners must budget accordingly. Comparatively, the national median property tax rate is 0.99%, making it essential for Farnham residents to understand their local tax obligations. The highest and lowest median tax bills in the area are both $932, indicating a relatively consistent tax environment within the specific zip code 22460.
Average Farnham Tax Bill
$932
Average Richmond County Tax Bill
$931
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22460 | $347 | $598 | $932 | $1,451 | $2,377 |
Source: Ownwell