Burkeville, Virginia Property Taxes
The median property tax rate in Burkeville, VA is 0.48%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Burkeville at $71,200, the typical annual property tax bill is $336, significantly below the national median of $2,690. Property taxes in Burkeville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burkeville'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 Burkeville or another part of Nottoway County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burkeville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$342
Ownwell’s Burkeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burkeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burkeville 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 Burkeville, Virginia
Property taxes in Burkeville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burkeville is 0.48%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Burkeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burkeville 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 Burkeville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23922 has both the highest and lowest median property tax rate of 0.48%, reflecting a consistent rate across the area. Understanding how these cities compare with Burkeville provides valuable insights into the varying tax landscape across Nottoway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burkeville Tax Rate
0.48%
Average Nottoway County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burkeville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23922 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Burkeville, Virginia
In Burkeville, 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 local 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 Burkeville, 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 Burkeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $336 in zip code 23922, which is also the lowest.
Average Burkeville Assessed Value
$71,200
Average Nottoway County Assessed Value
$73,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burkeville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23922 | $18,600 | $44,250 | $71,200 | $100,525 | $143,867 |
Source: Ownwell
Property Tax Bills Across Burkeville, Virginia
In Burkeville, VA, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate set by Nottoway County. The assessed value typically reflects a percentage of the market value of the property. For instance, the median home price in Burkeville is $71,200. Homeowners in this area can expect their tax bills to vary significantly based on their property's assessed value and the specific tax rate applied. Factors influencing the tax bill include property size, location, and improvements made to the home. In Burkeville, the tax bills range from the 25th percentile at $193 to the 90th percentile at $663, with the median tax bill being $336. These property tax bills impact homeowners by contributing to their annual expenses, which in turn affects their overall cost of living. Compared to the national median property tax rate of 0.99%, Burkeville's property taxes can be seen as relatively moderate, making it an appealing area for potential homeowners seeking affordable property taxes.
Average Burkeville Tax Bill
$336
Average Nottoway County Tax Bill
$352
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Burkeville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23922 | $88 | $193 | $336 | $468 | $663 |
Source: Ownwell