Woodford, Virginia Property Taxes
The median property tax rate in Woodford, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Woodford at $184,700, the typical annual property tax bill is $1,417, significantly below the national median of $2,690. Property taxes in Woodford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Woodford'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 Woodford or another part of Spotsylvania County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,422
$1,320
Ownwell’s Woodford Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodford. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Woodford to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities better. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Woodford, Virginia
Property taxes in Woodford, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodford is 0.77%, which is lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Woodford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodford 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 Woodford's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22580 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Woodford provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodford Tax Rate
0.77%
Average Spotsylvania County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22580 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Woodford, Virginia
In Woodford, 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 Spotsylvania 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 Woodford, 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 Woodford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 22580, with a tax bill of $1,417, while the lowest is also 22580, with the same tax bill of $1,417.
Average Woodford Assessed Value
$184,700
Average Spotsylvania County Assessed Value
$279,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22580 | $85,830 | $123,625 | $184,700 | $301,075 | $432,990 |
Source: Ownwell
Property Tax Bills Across Woodford, Virginia
In Woodford, VA, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. Homeowners in Woodford can expect their tax bills to vary significantly, with the 25th percentile tax bill around $962 and the 75th percentile reaching up to $2,283. The highest median tax bill recorded in the area is $1,417, a figure that stands out when compared to the national median property tax rate of 0.99%. Several factors influence these tax bills, including the property's location, size, and any improvements made. These taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is determined is crucial for financial planning and can impact decisions related to property improvements and long-term investments. By keeping an eye on assessed values and potential exemptions, homeowners can better manage their property tax obligations.
Average Woodford Tax Bill
$1,417
Average Spotsylvania County Tax Bill
$2,149
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22580 | $498 | $962 | $1,417 | $2,283 | $3,327 |
Source: Ownwell