Jewell Ridge, Virginia Property Taxes
The median property tax rate in Jewell Ridge, 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 Jewell Ridge at $48,800, the typical annual property tax bill is $190, far below the national median of $2,690. Property taxes in Jewell Ridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jewell Ridge'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 Jewell Ridge 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
Jewell Ridge, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Jewell Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jewell Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jewell Ridge 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 Jewell Ridge, Virginia
Property taxes in Jewell Ridge, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jewell Ridge is 0.39%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Jewell Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jewell Ridge 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 Jewell Ridge's effective property tax rate to other counties in Virginia and the national median. Understanding how Jewell Ridge compares with other areas 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 Jewell Ridge 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 Jewell Ridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24622 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Jewell Ridge, Virginia
In Jewell Ridge, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Jewell Ridge, 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 Jewell Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $190.00, found in the 24622 zip code.
Average Jewell Ridge Assessed Value
$48,800
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 Jewell Ridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24622 | $8,380 | $19,150 | $48,800 | $71,250 | $107,120 |
Source: Ownwell
Property Tax Bills Across Jewell Ridge, Virginia
In Jewell Ridge, Buchanan County, VA, property tax bills are calculated based on the assessed value of a home. This assessed value, determined by the local tax assessor, reflects the market value of the property. Homeowners in Jewell Ridge can expect their property tax bills to fall within a range that considers various factors, including property size, location, and improvements. For instance, the median home price in Jewell Ridge is $48,800. Property tax bills in this area can vary significantly, with 25th percentile bills around $75 and 75th percentile bills reaching up to $278. At the higher end, the 90th percentile tax bill can be as much as $418. These figures illustrate the potential financial impact on homeowners, emphasizing the importance of accurate property assessments and the role of property taxes in local funding. Compared to the national median property tax rate of 0.99%, Jewell Ridge offers a relatively affordable property tax landscape, making it an attractive option for homeowners looking for lower tax obligations.
Average Jewell Ridge Tax Bill
$190
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Jewell Ridge, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24622 | $33 | $75 | $190 | $278 | $418 |
Source: Ownwell