When selecting an area in which to purchase a home, it is important to know the tax rate for the area on which you are focused. These rates vary per County and City. This information needs to be understood and factored into your buying ability as the tax rate will affect the overall cost of your home purchase. Most home owners typically create an escrow account with their lender for the purpose of including tax and insurance payments with their monthly mortgage payment. The lender collects these funds and automatically makes the tax and insurance payments for the homeowner when these bills are due. If you elect to create an escrow account with your lender, the monthly payment due to your lender will increase since additional funds are needed to pay the other tax and insurance expenses.
In Virginia, City and County tax rates are calculated using the assessed value of the property determined by the City or County Tax Assessor’s Office. The following formula applies:
(Tax Assessed Value of the Property / 100) * (City or County Tax Rate) = Amount of Annual Tax Due
The current tax rates for each City and County are listed below:
2019 PROPERTY TAX RATE
|COUNTY/LOCALITY||RATE/$100 Assessed Value
|Gordonsville (Town)||.10 & county rate|