Maxie, Virginia Property Taxes
The median property tax rate in Maxie, VA is 0.39%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Maxie, the typical annual property tax bill is $97, which is well below the national median of $2,690. Property taxes in Maxie are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Maxie'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 Maxie or another part of Buchanan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maxie, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$97
Ownwell’s Maxie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maxie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maxie 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 Buchanan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Maxie, Virginia
Property taxes in Maxie, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maxie 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 Maxie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maxie 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 Maxie's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is found in Buchanan with a rate of 0.39%. Understanding how these cities compare with Maxie 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 Maxie 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 Maxie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24628 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Maxie, Virginia
In Maxie, 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 Maxie, 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, in Maxie, the 25th percentile tax bill is $57, while the 75th percentile tax bill is $163. 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 Maxie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maxie Assessed Value
$24,800
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 Maxie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24628 | $7,380 | $14,500 | $24,800 | $41,725 | $58,130 |
Source: Ownwell
Property Tax Bills Across Maxie, Virginia
Property tax bills in Maxie, Buchanan County, VA, are calculated based on the assessed value of your property. The assessed value is determined by local assessors who evaluate the market value of your home. This value is then multiplied by the local tax rate to determine your annual property tax bill. For instance, if your home is assessed at the median price of $24,800, your tax bill will be calculated using this value. Several factors influence the final tax bill, including the property's location, size, and any improvements made. In Maxie, homeowners can expect varying tax bills depending on their property value. The 25th percentile tax bill is approximately $57, while the 75th percentile reaches about $163. For those at the 90th percentile, the tax bill can be as high as $227. Understanding these factors helps homeowners budget more effectively and anticipate changes in their tax obligations. Compared to the national median property tax rate of 0.99%, Maxie's rates can provide a more affordable living situation for its residents.
Average Maxie Tax Bill
$97
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Maxie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24628 | $29 | $57 | $97 | $163 | $227 |
Source: Ownwell