Buchanan County Property Taxes
The median property tax rate in Buchanan County is 0.39%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $48,400 in Buchanan County, the typical annual property tax bill is just $189, far below the national median of $2,690. Property taxes in Buchanan County are calculated based on the assessed value, which often falls below the actual market value due to various property tax exemptions such as those for primary residences and agricultural properties. Understanding Buchanan County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Grundy or another part of Buchanan County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buchanan County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$189
Ownwell’s Buchanan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Buchanan with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Buchanan to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Buchanan County, Virginia
Property taxes in Buchanan County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Buchanan County is 0.39%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buchanan County set these rates annually, and they can vary significantly between different areas within the county. Each year, Buchanan County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. Analyzing how Buchanan County's tax rates stack up against the national median can give homeowners a better understanding of the local tax landscape.
Average Buchanan County Tax Rate
0.39%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buchanan County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bee | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Big Rock | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Breaks | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Davenport | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Grundy | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Haysi | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Honaker | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Hurley | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Jewell Ridge | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Keen Mountain | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Mavisdale | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Maxie | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Oakwood | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Pilgrims Knob | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Raven | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Rowe | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Swords Creek | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Vansant | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Whitewood | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Buchanan County, Virginia
In Buchanan County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Buchanan County Appraisal District. The assessed value, however, 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. Assessment notices in Buchanan County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Swords Creek has the highest median tax bill at $225, while Keen Mountain has the lowest at $127. Being aware of these valuation processes in Buchanan County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
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 Buchanan County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bee | $6,640 | $12,950 | $42,800 | $74,675 | $100,700 |
| Big Rock | $5,000 | $14,250 | $43,700 | $76,650 | $114,780 |
| Breaks | $10,000 | $16,100 | $47,600 | $82,200 | $131,800 |
| Davenport | $7,020 | $15,300 | $43,300 | $66,500 | $100,300 |
| Grundy | $8,000 | $20,750 | $52,200 | $86,800 | $129,880 |
| Haysi | $7,000 | $12,800 | $42,900 | $74,300 | $99,800 |
| Honaker | $8,500 | $17,550 | $48,400 | $79,500 | $110,000 |
| Hurley | $8,320 | $14,600 | $47,800 | $79,900 | $113,980 |
| Jewell Ridge | $8,380 | $19,150 | $48,800 | $71,250 | $107,120 |
| Keen Mountain | $11,320 | $19,300 | $32,600 | $88,050 | $121,320 |
| Mavisdale | $9,720 | $27,450 | $55,800 | $73,650 | $115,700 |
| Maxie | $7,380 | $14,500 | $24,800 | $41,725 | $58,130 |
| Oakwood | $4,850 | $12,025 | $42,000 | $76,850 | $111,050 |
| Pilgrims Knob | $8,000 | $16,050 | $47,600 | $81,200 | $119,100 |
| Raven | $8,000 | $17,400 | $50,250 | $84,925 | $121,050 |
| Rowe | $5,760 | $12,650 | $43,050 | $74,950 | $108,310 |
| Swords Creek | $57,700 | $57,700 | $57,700 | $57,700 | $57,700 |
| Vansant | $8,100 | $19,425 | $52,750 | $86,900 | $129,000 |
| Whitewood | $8,300 | $13,400 | $35,050 | $70,400 | $115,020 |
Source: Ownwell
Property Tax Bills Across Buchanan County, Virginia
In Buchanan County, VA, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by county assessors who evaluate the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For instance, properties in Swords Creek see the highest median tax bill at $225, while those in Keen Mountain have the lowest at $127. This variation highlights how location within the county can significantly impact tax obligations. Homeowners in Buchanan County typically face tax bills ranging from $64 at the 25th percentile to $471 at the 90th percentile, illustrating the broad spectrum of property taxes within the region. These taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the community's quality of life.
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Buchanan County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bee | $26 | $51 | $167 | $291 | $393 |
| Big Rock | $20 | $56 | $170 | $299 | $448 |
| Breaks | $39 | $63 | $186 | $321 | $514 |
| Davenport | $27 | $60 | $169 | $259 | $391 |
| Grundy | $31 | $81 | $204 | $339 | $507 |
| Haysi | $27 | $50 | $167 | $290 | $389 |
| Honaker | $33 | $68 | $189 | $310 | $429 |
| Hurley | $32 | $57 | $186 | $312 | $445 |
| Jewell Ridge | $33 | $75 | $190 | $278 | $418 |
| Keen Mountain | $44 | $75 | $127 | $343 | $473 |
| Mavisdale | $38 | $107 | $218 | $287 | $451 |
| Maxie | $29 | $57 | $97 | $163 | $227 |
| Oakwood | $19 | $47 | $164 | $300 | $433 |
| Pilgrims Knob | $31 | $63 | $186 | $317 | $464 |
| Raven | $31 | $68 | $196 | $331 | $472 |
| Rowe | $22 | $49 | $168 | $292 | $422 |
| Swords Creek | $225 | $225 | $225 | $225 | $225 |
| Vansant | $32 | $76 | $206 | $339 | $503 |
| Whitewood | $32 | $52 | $137 | $275 | $449 |
Source: Ownwell