Winchester, Virginia Property Taxes
The median property tax rate in Winchester, VA is 0.83%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Winchester at $292,400, the typical annual property tax bill reaches $2,379, which is below the national median of $2,690. Property taxes in Winchester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Winchester'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 Winchester 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
Winchester, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,427
Ownwell’s Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Virginia
Property taxes in Winchester, VA, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.83%, slightly lower than the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22601 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Winchester provides valuable insights into the varying tax landscape across Winchester, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winchester Tax Rate
0.83%
Average Winchester County Tax Rate
0.83%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22601 | 0.65% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Virginia
In Winchester, 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 local assessment authority 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 Winchester, 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 Winchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Winchester are both $2,379, found in the zip code 22601.
Average Winchester Assessed Value
$292,400
Average Winchester County Assessed Value
$292,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winchester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22601 | $165,900 | $221,259 | $292,400 | $412,600 | $550,980 |
Source: Ownwell
Property Tax Bills Across Winchester, Virginia
In Winchester, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local tax assessors. For instance, with a median home price of $292,400, homeowners can expect varying tax bills based on specific assessments and the local tax rate. Several factors influence the final tax bill, including property location, size, and improvements. Winchester's tax bills range widely, with the 25th percentile at $1,759 and the 75th percentile at $3,391, reflecting differences in property values and assessments. The highest median tax bill recorded in the area is $2,379, which is consistent across the 22601 zip code. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Winchester Tax Bill
$2,379
Average Winchester County Tax Bill
$2,379
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22601 | $1,218 | $1,759 | $2,379 | $3,391 | $4,510 |
Source: Ownwell