Property Taxes in Milford, Virginia
Median Milford, Virginia effective property tax rate: 0.77%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Milford, Virginia home value: $182,250
Median annual Milford, Virginia tax bill: $1,403, lower than the national median property tax bill of $2,400.
How are property taxes in Caroline calculated?
Property taxes in Milford, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Milford's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Milford, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Milford Property Tax Calculator Work?
Use this Milford property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Milford's median effective tax rate of 0.77% — based on actual property records in Caroline County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessor uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Milford's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Milford: rates range from 0.77% in 22514 to 0.77% in 22514, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Milford.
About Milford Property Taxes
About Property Taxes in Milford, Caroline, Virginia
Milford’s median effective property tax rate of 0.77% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Caroline County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Milford. Homeowners in ZIP code 22514 carry a median effective rate of 0.77%, while those in the same ZIP code also pay 0.77%. This reflects how school district boundaries and local assessment districts are drawn across Caroline County. Understanding where you live in Milford can still help you evaluate your annual tax bill.
Milford homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 2, 2025 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Milford, Caroline County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Milford's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Our median effective property tax rate (tax bill Ă· assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Milford Tax Rate
0.77%
Our median effective property tax rate (tax bill Ă· assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Caroline County Tax Rate
0.77%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Milford, Caroline County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Caroline County, Virginia
When examining property taxes in Milford, Virginia, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Caroline County assessment office estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Caroline County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Milford.
For example, the median home price in Milford is $182,250, with tax bills ranging significantly across the county. 22514 has the highest median home price at $182,250.
Property Tax Assessment Values Across Milford, Caroline County, Virginia
Source: Ownwell
$176,100
$216,250
$256,400
Median Milford Market Value
$182,250
Median Caroline County Market Value
$199,900
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Milford, Caroline County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | $90,250 | $126,600 | $182,250 | $260,050 | $373,400 |
Source: Ownwell
Property Tax Bills Across Milford, Caroline County, Virginia
Property tax bills in Milford are calculated by applying the local tax rate to a home’s assessed market value. The assessed value is based on what the property is worth for tax purposes, not what the owner paid for it, and it can change as market conditions shift. For homeowners, this means a higher assessed value can lead to a higher bill, while a lower assessment can reduce what is owed.
Several factors affect the final tax bill, including the home’s market value, local tax rates, and any exemptions or special assessments that may apply. In Milford, the median home price is $182,250, and the median property tax bill is $1,403 in ZIP code 22514. That is below the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.
For many homeowners, property taxes are a major part of annual housing costs, so even small changes in assessment can have a noticeable impact.
Median Milford Tax Bill
$1,403
Median Caroline County Tax Bill
$1,578
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Milford, Caroline County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22514 | $695 | $975 | $1,403 | $2,002 | $2,875 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 2 |
Links | |
|---|---|
| Caroline Tax Assessor | |
| Website | caroline.civ.quest |