Timberville, Virginia Property Taxes
The median property tax rate in Timberville, 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 Timberville at $230,100, the typical annual property tax bill amounts to $1,372, which is well below the national median of $2,690. Property taxes in Timberville are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Timberville'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 Timberville or another part of Shenandoah County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Timberville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,381
Ownwell’s Timberville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timberville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timberville 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 Timberville, Virginia
Property taxes in Timberville, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Timberville is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Timberville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timberville 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 Timberville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22853 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Timberville 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 Timberville 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 Timberville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22853 | 0.51% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Timberville, Virginia
In Timberville, 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 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 Timberville, 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 Timberville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Timberville are both $1,372, found in the 22853 zip code.
Average Timberville Assessed Value
$230,100
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 Timberville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22853 | $83,380 | $130,650 | $230,100 | $297,300 | $390,300 |
Source: Ownwell
Property Tax Bills Across Timberville, Virginia
In Timberville, located in Shenandoah County, VA, property tax bills are calculated based on the assessed value of a home. The median home price here is $230,100. The assessed value is determined by the local tax assessor, who considers factors such as the property's market value, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Homeowners in Timberville can expect tax bills to vary widely. For instance, the tax bill at the 25th percentile is $748, while at the 75th percentile, it reaches $1,757, and at the 90th percentile, it can go up to $2,302. The highest and lowest median tax bills in the area are both $1,372, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Timberville Tax Bill
$1,372
Average Shenandoah County Tax Bill
$1,318
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Timberville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22853 | $411 | $748 | $1,372 | $1,757 | $2,302 |
Source: Ownwell