Buffalo Junction, Virginia Property Taxes
The median property tax rate in Buffalo Junction, VA is 0.50%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Buffalo Junction, the typical annual property tax bill reaches $543, which is well below the national median of $2,690. Property taxes in Buffalo Junction are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Buffalo Junction'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 Buffalo Junction or another part of Halifax County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Junction, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$543
Ownwell’s Buffalo Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Junction 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 Buffalo Junction, Virginia
Property taxes in Buffalo Junction, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Junction is 0.50%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buffalo Junction set these rates annually, and they can vary across different neighborhoods. Each year, Buffalo Junction 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 Buffalo Junction's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24529 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Buffalo Junction provides valuable insights into the varying tax landscape across Halifax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Junction Tax Rate
0.50%
Average Halifax County Tax Rate
0.50%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Junction, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24529 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Junction, Virginia
In Buffalo Junction, 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 Halifax 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. 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 Buffalo Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $543.00, found in the 24529 zip code.
Property Tax Assessment Values Across Buffalo Junction, Virginia
Source: Ownwell
$68,917
$90,768
$112,619
Average Buffalo Junction Assessed Value
$108,683
Average Halifax County Assessed Value
$82,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Junction, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24529 | $35,245 | $87,346 | $108,683 | $119,047 | $134,760 |
Source: Ownwell
Property Tax Bills Across Buffalo Junction, Virginia
In Buffalo Junction, Halifax County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in this area is $108,683. Property tax rates are applied to this assessed value to generate the annual tax bill. For instance, homeowners in the 25th percentile can expect to pay around $437 annually, while those in the 75th percentile might see bills closer to $595. The 90th percentile tax bill reaches approximately $674. Several factors influence the assessed value, including the property's market value, location, and any improvements made. This assessment directly impacts how much homeowners owe in property taxes each year. Compared to the national median property tax rate of 0.99%, Buffalo Junction's tax bills indicate a relatively modest burden for homeowners. Understanding these calculations helps residents anticipate their annual expenses and plan their finances more effectively.
Average Buffalo Junction Tax Bill
$543
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Junction, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24529 | $176 | $437 | $543 | $595 | $674 |
Source: Ownwell