Broadway, Virginia Property Taxes
The median property tax rate in Broadway, 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 $208,400 in Broadway, the typical annual property tax bill amounts to $1,375, significantly less than the national median of $2,690. Property taxes in Broadway are based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broadway’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Broadway or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broadway, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,417
Ownwell’s Broadway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadway 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 Broadway, Virginia
Property taxes in Broadway, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadway is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Broadway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadway 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 Broadway's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22815 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Broadway 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 Broadway 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 Broadway, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22815 | 0.65% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Broadway, Virginia
In Broadway, 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 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 Broadway, 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. The median home price in Broadway is $208,400, with tax bills ranging from $992 at the 25th percentile to $2,497 at the 90th percentile. The highest and lowest median tax bills are both found in the 22815 zip code, at $1,375. By understanding 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 Broadway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broadway Assessed Value
$208,400
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 Broadway, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22815 | $104,880 | $148,950 | $208,400 | $282,750 | $396,380 |
Source: Ownwell
Property Tax Bills Across Broadway, Virginia
In Broadway, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate set by Rockingham County. The median home price in Broadway is $208,400. Homeowners can expect their tax bills to vary depending on where their property's value falls within the local market. For instance, those in the 25th percentile of property values might see tax bills around $992, while those in the 75th percentile could face bills closer to $1,864. At the 90th percentile, tax bills can reach up to $2,497. Several factors influence these tax bills, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Broadway's tax rate reflects the local economic conditions and public service needs. These property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Broadway Tax Bill
$1,375
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadway, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22815 | $631 | $992 | $1,375 | $1,864 | $2,497 |
Source: Ownwell