Bridgewater, Virginia Property Taxes
The median property tax rate in Bridgewater, VA is 0.68%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $260,900 in Bridgewater, the typical annual property tax bill amounts to $1,756, falling below the national median of $2,690. Property taxes in Bridgewater are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Bridgewater's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve considerable annual savings. Whether you're in the heart of Bridgewater or another part of Rockingham County, gaining insights into the local property tax structure will be beneficial.
Last Updated June 14, 2024
Bridgewater, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,774
Ownwell’s Bridgewater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgewater 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 Bridgewater, Virginia
Property taxes in Bridgewater, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgewater is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Bridgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgewater 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 Bridgewater's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22812 zip code has both the highest and the lowest median property tax rate of 0.68%. Understanding how these cities compare with Bridgewater provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgewater Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgewater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22812 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Bridgewater, Virginia
In Bridgewater, 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 Rockingham County Assessor's Office 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 Bridgewater, 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 Bridgewater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bridgewater, the zip code 22812 has both the highest and lowest median tax bill at $1,756.
Property Tax Assessment Values Across Bridgewater, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Bridgewater Assessed Value
$260,900
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgewater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22812 | $151,120 | $205,425 | $260,900 | $340,500 | $460,580 |
Source: Ownwell
Property Tax Bills Across Bridgewater, Virginia
In Bridgewater, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate set by Rockingham County. The assessed value is an estimate of the property's market value as determined by the county assessor. Factors such as location, property size, and market conditions influence this assessment. For example, with a median home price of $260,900, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Tax bills in Bridgewater vary significantly; the 25th percentile tax bill is approximately $1,382, while the 75th percentile tax bill reaches around $2,275, and the 90th percentile can be as high as $3,026. These figures highlight the range of property tax burdens homeowners might face. The median tax bill in the area is $1,756, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can be advantageous for homeowners, making Bridgewater an appealing place to own property.
Average Bridgewater Tax Bill
$1,756
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgewater, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22812 | $1,001 | $1,382 | $1,756 | $2,275 | $3,026 |
Source: Ownwell