Davenport, Virginia Property Taxes
The median property tax rate in Davenport, VA is 0.39%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $43,300 in Davenport, the typical annual property tax bill is just $169, far below the national median of $2,690. Property taxes in Davenport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Davenport'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 Davenport 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
Davenport, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$169
Ownwell’s Davenport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Davenport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Davenport 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 Davenport, Virginia
Property taxes in Davenport, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Davenport is 0.39%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Davenport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Davenport 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 Davenport's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in the region is found in ZIP code 51027 at 0.65%, while the lowest median tax rate is in ZIP code 51027 at 0.32%. Understanding how these cities compare with Davenport 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 Davenport 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 Davenport, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24239 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Davenport, Virginia
In Davenport, 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 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 Davenport, 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 Davenport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Davenport's zip code 24239 is $169, while the lowest median tax bill in the same zip code is also $169. The 25th percentile tax bill is $60, and the 75th percentile tax bill is $259. By comparing these figures, homeowners can gauge where they stand and take necessary actions to optimize their property tax liabilities.
Average Davenport Assessed Value
$43,300
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 Davenport, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24239 | $7,020 | $15,300 | $43,300 | $66,500 | $100,300 |
Source: Ownwell
Property Tax Bills Across Davenport, Virginia
In Davenport, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate various factors such as the property's location, size, and condition. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Davenport is $43,300, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $60, while those in the 75th percentile pay approximately $259. At the 90th percentile, tax bills can reach up to $391. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Davenport's rates reflect the local economic conditions and property values. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Davenport Tax Bill
$169
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Davenport, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24239 | $27 | $60 | $169 | $259 | $391 |
Source: Ownwell