Broadway, Virginia Property Taxes
The median property tax rate in Broadway, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Broadway, the typical annual property tax bill amounts to $1,124, well below the national median of $2,690. Property taxes in Broadway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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 Shenandoah County, understanding 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
0.6%
Estimate Property Tax Bill
$1,124
Ownwell’s Broadway Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Broadway with just two key data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Broadway to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed decisions. For those interested in exploring trends at a neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by Shenandoah County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Broadway, Virginia
Property taxes in Broadway, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadway is 0.60%, significantly 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 22815 zip code has the highest median property tax rate of 0.60%, while the lowest median tax rate is also 0.60%. Understanding how these cities compare with Broadway provides valuable insights into the varying tax landscape across Shenandoah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadway Tax Rate
0.60%
Average Shenandoah County Tax Rate
0.60%
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 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
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 Shenandoah 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. 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 Broadway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Broadway is $187,400, with the highest and lowest median tax bills both being $1,124 in zip code 22815. This knowledge enables homeowners to make informed decisions and potentially reduce their property tax liabilities.
Average Broadway Assessed Value
$187,400
Average Shenandoah County Assessed Value
$221,200
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 | $76,800 | $125,300 | $187,400 | $259,600 | $363,400 |
Source: Ownwell
Property Tax Bills Across Broadway, Virginia
In Broadway, located in Shenandoah County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $187,400, homeowners can expect varying tax bills depending on their property's assessed value. The tax bill at the 25th percentile is around $752, while at the 75th percentile, it rises to approximately $1,480. For those at the 90th percentile, the tax bill can be as high as $2,180. These tax bills are influenced by several factors, including property size, location, and market conditions. Comparing to the national median property tax rate of 0.99%, Broadway's rates show a range of financial implications for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Broadway Tax Bill
$1,124
Average Shenandoah County Tax Bill
$1,318
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 | $461 | $752 | $1,124 | $1,480 | $2,180 |
Source: Ownwell