Big Rock, Virginia Property Taxes
The median property tax rate in Big Rock, VA is 0.39%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Big Rock, the typical annual property tax bill is $170, well below the national median of $2,690. Property taxes in Big Rock are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Big Rock's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Big Rock or another part of Buchanan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Rock, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$170
Ownwell’s Big Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Rock 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 Big Rock, Virginia
Property taxes in Big Rock, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Rock is 0.39%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Big Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Rock 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 Big Rock's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Buchanan County is seen in the zip code with a rate of 0.39%, while the lowest median tax rate in the same county also stands at 0.39%. Understanding how these cities compare with Big Rock provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Rock Tax Rate
0.39%
Average Buchanan County Tax Rate
0.39%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Rock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24603 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Big Rock, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Big Rock, Virginia. 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 Buchanan County Appraisal District 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 Big Rock, 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 Big Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Buchanan County are both $170.00, found in zip code 24603.
Average Big Rock Assessed Value
$43,700
Average Buchanan County Assessed Value
$48,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Rock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24603 | $5,000 | $14,250 | $43,700 | $76,650 | $114,780 |
Source: Ownwell
Property Tax Bills Across Big Rock, Virginia
In Big Rock, VA, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $43,700, homeowners in Big Rock can expect tax bills that vary significantly. The 25th percentile tax bill is around $56, while the 75th percentile reaches $299, and the 90th percentile can go up to $448. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Big Rock's property taxes are relatively modest, making it an attractive option for homeowners looking for affordability. However, even within this small community, there can be considerable variation in tax bills, which underscores the importance of understanding local property tax assessments and potential exemptions.
Average Big Rock Tax Bill
$170
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Rock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24603 | $20 | $56 | $170 | $299 | $448 |
Source: Ownwell