22460 Property Tax Rate

Property owners in ZIP code 22460 (Farnham, Virginia) pay a median of $1,198/year in property taxes on homes valued at $199,700. This translates to an effective tax rate of 0.60%, which is 11% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 22460 is approximately $100, which factors into escrow payments on mortgages. This ZIP code is located within Richmond County. This is $1,045 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 22460 has lower property taxes. ZIP codes with similar effective rates include 24540 (0.60%) and 24620 (0.60%).

In Farnham, property taxes represent approximately 1.9% of the median household income of $63,845, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Richmond County assesses and collects local taxes only, with no reassessment penalty at sale beyond standard county valuation. Richmond County offers a circuit breaker tax relief program for elderly and disabled homeowners and a Land Use Taxation option for agricultural land — contact the Richmond County Assessor to confirm eligibility based on income and age. Submit exemption applications to the Richmond County Assessor within 30 days of purchase to secure your tax classification.