Branchville, Virginia Property Taxes
The median property tax rate in Branchville, VA is 0.89%, which aligns with the Virginia state median but remains below the national median of 0.99%. With the median home value in Branchville at $89,300, the typical annual property tax bill amounts to $815, significantly less than the national median of $2,690. Property taxes in Branchville are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Branchville’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 Branchville or another part of Southampton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Branchville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$795
Ownwell’s Branchville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Branchville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Branchville to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, localized information on neighborhood trends is available further down the page. Remember, your property's assessed value is determined by Southampton County for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Branchville, Virginia
Property taxes in Branchville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Branchville is 0.89%, slightly lower than the U.S. national median of 0.99%. Local government entities within Branchville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Branchville 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 Branchville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23828 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Branchville provides valuable insights into the varying tax landscape across Southampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Branchville Tax Rate
0.89%
Average Southampton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Branchville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23828 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Branchville, Virginia
In Branchville, 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 Southampton 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 Branchville, 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. For instance, the median home price in Branchville is $89,300, with tax bills ranging from $457 at the 25th percentile to $2,061 at the 90th percentile. The highest and lowest median tax bills in the area are both $815, found in the zip code 23828. By understanding 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 Branchville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Branchville Assessed Value
$89,300
Average Southampton County Assessed Value
$133,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Branchville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23828 | $24,900 | $50,150 | $89,300 | $152,150 | $222,000 |
Source: Ownwell
Property Tax Bills Across Branchville, Virginia
In Branchville, Southampton County, VA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. Homeowners in Branchville experience varying tax bills based on their property's assessed value and the applicable tax rate. For instance, the median home price in Branchville is $89,300. Tax bills in the 25th percentile are around $457, while those in the 75th percentile reach approximately $1,455. At the 90th percentile, tax bills can go up to $2,061. The highest and lowest median tax bills in the area are both $815, indicating a relatively uniform tax rate across different properties. Compared to the national median property tax rate of 0.99%, Branchville's rates can be seen as moderate. These property tax bills significantly impact homeowners by influencing their overall housing costs and financial planning.
Average Branchville Tax Bill
$815
Average Southampton County Tax Bill
$1,244
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Branchville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23828 | $223 | $457 | $815 | $1,455 | $2,061 |
Source: Ownwell