Fairfield, Virginia Property Taxes
The median property tax rate in Fairfield, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Fairfield, the typical annual property tax bill reaches $1,471, significantly below the national median of $2,690. Property taxes in Fairfield 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 Fairfield'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 Fairfield 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
Fairfield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,573
$1,459
Ownwell’s Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield 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 Fairfield, Virginia
Property taxes in Fairfield, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 0.61%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24435 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Fairfield provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24435 | 0.41% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fairfield, 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 the Rockbridge 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. Assessment notices in Fairfield 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, Fairfield's highest median tax bill is $1,471 in the 24435 zip code, while the lowest is also $1,471 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairfield Assessed Value
$257,800
Average Rockbridge County Assessed Value
$223,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24435 | $121,840 | $175,850 | $257,800 | $390,800 | $561,600 |
Source: Ownwell
Property Tax Bills Across Fairfield, Virginia
In Fairfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. In Rockbridge County, where Fairfield is located, the median home price is $257,800. Homeowners in Fairfield can expect their property tax bills to vary significantly; for instance, those in the 25th percentile pay around $985 annually, while those in the 75th percentile see bills of approximately $2,187. At the 90th percentile, property tax bills can reach up to $3,095. Compared to the national median property tax rate of 0.99%, Fairfield's rates can be considered moderate. These property taxes contribute to local services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Fairfield Tax Bill
$1,471
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24435 | $604 | $985 | $1,471 | $2,187 | $3,095 |
Source: Ownwell