Keen Mountain, Virginia Property Taxes
The median property tax rate in Keen Mountain, VA is 0.39%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Keen Mountain at $32,600, the typical annual property tax bill is just $127, far below the national median of $2,690. Property taxes in Keen Mountain are calculated based on the assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Keen Mountain's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Keen Mountain or another part of Buchanan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keen Mountain, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$127
Ownwell’s Keen Mountain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keen Mountain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keen Mountain 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 Keen Mountain, Virginia
Property taxes in Keen Mountain, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keen Mountain is 0.39%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Keen Mountain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keen Mountain 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 Keen Mountain's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is found in Buchanan County, while the lowest median tax rate is also within the same county. Understanding how these cities compare with Keen Mountain 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 Keen Mountain 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 Keen Mountain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24624 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Keen Mountain, Virginia
In Keen Mountain, 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 Assessor 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 Keen Mountain, 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 Keen Mountain 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 $127.00, found in zip code 24624.
Average Keen Mountain Assessed Value
$32,600
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 Keen Mountain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24624 | $11,320 | $19,300 | $32,600 | $88,050 | $121,320 |
Source: Ownwell
Property Tax Bills Across Keen Mountain, Virginia
In Keen Mountain, located in Buchanan County, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in the area is $32,600. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill being $75 and the 75th percentile reaching $343. The 90th percentile tax bill is $473, indicating that most homeowners pay less than this amount annually. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements and changes in market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners in Keen Mountain, understanding these factors is crucial as they directly impact the annual property tax expense. The highest and lowest median tax bill in the area is $127, found in the zip code 24624. Compared to the national median property tax rate of 0.99%, Keen Mountain's rates offer a more affordable option for homeowners.
Average Keen Mountain Tax Bill
$127
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Keen Mountain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24624 | $44 | $75 | $127 | $343 | $473 |
Source: Ownwell