Buena Vista, Virginia Property Taxes
The median property tax rate in Buena Vista, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Buena Vista being $171,150, the typical annual property tax bill reaches $1,022, which is significantly less than the national median of $2,690. Property taxes in Buena Vista 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 Buena Vista'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 Buena Vista or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buena Vista, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,044
Ownwell’s Buena Vista Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buena Vista with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buena Vista 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 Buena Vista, Virginia
Property taxes in Buena Vista, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Buena Vista is 0.61%, lower than the U.S. national median of 0.99%. Local government entities within Buena Vista set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buena Vista 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 Buena Vista's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24416 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Buena Vista provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buena Vista Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buena Vista, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24416 | 0.50% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Buena Vista, Virginia
In Buena Vista, 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 Rockbridge 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 Buena Vista, 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 Buena Vista helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24416, both at $1,022.
Average Buena Vista Assessed Value
$171,150
Average Rockbridge County Assessed Value
$223,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buena Vista, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24416 | $70,110 | $117,975 | $171,150 | $279,950 | $475,890 |
Source: Ownwell
Property Tax Bills Across Buena Vista, Virginia
In Buena Vista, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property’s worth, considering factors like location, size, and condition. The tax rate, set by the local government, is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $171,150, homeowners in Buena Vista can expect varying tax bills. The 25th percentile tax bill is around $678, while the 75th percentile reaches up to $1,628. At the 90th percentile, the tax bill can be as high as $2,528. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how these bills are calculated helps in budgeting and financial planning, ensuring they are prepared for their annual obligations.
Average Buena Vista Tax Bill
$1,022
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Buena Vista, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24416 | $344 | $678 | $1,022 | $1,628 | $2,528 |
Source: Ownwell