Damascus, Virginia Property Taxes
The median property tax rate in Damascus, 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 Damascus at $93,500, the typical annual property tax bill reaches $542, well below the national median of $2,690. Property taxes in Damascus are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Damascus'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 Damascus or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Damascus, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$561
Ownwell’s Damascus Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Damascus with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Damascus to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, offering clarity and peace of mind. For those interested in more granular trends, you can scroll down to find localized information on a neighborhood level. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Damascus, Virginia
Property taxes in Damascus, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Damascus is 0.60%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Damascus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Damascus 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 Damascus's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24236 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Damascus provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Damascus Tax Rate
0.60%
Average Washington County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Damascus, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24236 | 0.42% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Damascus, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Damascus, VA. 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 Washington 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 Damascus, 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. For instance, the median home price in Damascus is $93,500. Homeowners might see tax bills ranging from $364 at the 25th percentile to $1,199 at the 90th percentile. 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 Damascus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Damascus Assessed Value
$93,500
Average Washington County Assessed Value
$132,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Damascus, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24236 | $36,600 | $62,625 | $93,500 | $144,225 | $219,050 |
Source: Ownwell
Property Tax Bills Across Damascus, Virginia
In Damascus, Washington County, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For example, the median home price in Damascus is $93,500. The property tax rate is applied to this assessed value to determine the tax bill. In Damascus, the property tax rate is set by the local government and can vary each year. For homeowners, this means that their tax bills can fluctuate based on changes in property values and tax rates. Tax bills can vary significantly within the city. For instance, the tax bill at the 25th percentile is $364, while at the 75th percentile, it's $820, and at the 90th percentile, it's $1,199. These variations can impact homeowners differently, depending on their property's assessed value and the specific tax rate applied. Comparing these figures to the national median property tax rate of 0.99% provides context for understanding local tax burdens.
Average Damascus Tax Bill
$542
Average Washington County Tax Bill
$753
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Damascus, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24236 | $192 | $364 | $542 | $820 | $1,199 |
Source: Ownwell