Farnham, Richmond County, Virginia Property Taxes

Name: Property Tax Bills Across Farnham, Richmond County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Farnham, VA effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%. Median Farnham, VA home value: $134,835. Median annual Farnham, VA tax bill: $932, $1,468 lower than the national median property tax bill of $2,400.

How are property taxes in Richmond calculated?

Property taxes in Farnham, VA 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 Farnham’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farnham, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Farnham, Richmond County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.7%

Estimate Property Tax Bill

$944

$876

Ownwell’s Farnham Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farnham with just two data points. By entering your property's estimated assessed value, our calculator applies Farnham’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Richmond County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farnham, Richmond County, Virginia

Local government entities set tax rates, which can vary widely within a state. 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 Farnham’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S. Farnham, located in Richmond County, has a median property tax rate of 0.70%, which is significantly lower than the national median property tax rate of 1.02%. This means residents of Farnham enjoy a more favorable property tax environment compared to many other regions across the country. The highest and lowest median tax rates in Richmond County are also 0.70%, indicating a consistent tax rate within the area. By understanding these rates, property owners in Farnham can better anticipate their tax liabilities and make informed financial decisions.

Property Tax Rates Across Farnham, Richmond County, Virginia

Source: Ownwell

0.70%

Our median effective property tax rate (tax bill ÷ 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 Farnham Tax Rate

0.70%

Median Effective Richmond County Tax Rate

0.70%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Farnham, Richmond County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
22460	0.70%	0.70%	0.70%	0.70%	0.70%

Source: Ownwell

Property Tax Assessment Values Across Farnham, Richmond County, Virginia

When examining property taxes in Farnham, VA, 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 Richmond County appraisal district 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 Richmond County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Farnham. For example, the median home price in Farnham is $134,835, with tax bills ranging significantly across the county. ZIP code 22460 has the highest median home price at $134,835.

Property Tax Assessment Values Across Farnham, Richmond County, Virginia

Source: Ownwell

$108,981

$122,415

$135,849

Median Farnham Market Value

$134,835

Median Richmond County Market Value

$134,435

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Farnham, Richmond County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
22460	$50,900	$86,330	$134,835	$209,832	$347,734

Source: Ownwell

Property Tax Bills Across Farnham, Richmond County, Virginia

In Farnham, Richmond County, VA, property tax bills are determined by the assessed value of a home, which is then multiplied by the local tax rate. The median home price in Farnham is $134,835, leading to a tax bill often lower than the national median of $2,400. Tax bills in Farnham range significantly, with the 25th percentile at $598 and the 75th percentile reaching $1,451, reflecting the variance in property values and local tax rates. These figures indicate that while some homeowners may face bills near the national average, many pay significantly less. Homeowners can be affected by these taxes as they represent a significant annual expense, impacting overall affordability and financial planning. Ownwell offers a solution by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially lower their tax bills, ensuring they only pay what is fair. This can lead to substantial savings, alleviating the financial burden of property taxes and enhancing affordability.

Property Tax Bills Across Farnham, Richmond County, Virginia

Source: Ownwell

$763

$852

$941

Median Farnham Tax Bill

$932

Median Richmond County Tax Bill

$931

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Farnham, Richmond County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22460	$347	$598	$932	$1,451	$2,377

Source: Ownwell