Basye, Virginia Property Taxes
The median property tax rate in Basye, VA is 0.60%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Basye at $215,350, the typical annual property tax bill amounts to $1,283, well below the national median of $2,690. Property taxes in Basye 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 Basye'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 Basye or another part of Shenandoah County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basye, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,292
Ownwell’s Basye Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basye with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basye 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 Basye, Virginia
Property taxes in Basye, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basye is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Basye set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basye 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 Basye's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22810 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Basye provides valuable insights into the varying tax landscape across Shenandoah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basye Tax Rate
0.60%
Average Shenandoah County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basye, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22810 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Basye, Virginia
In Basye, 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 Shenandoah County Assessor 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 Basye, 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 Basye helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Basye are both $1,283, specifically in the 22810 zip code.
Average Basye Assessed Value
$215,350
Average Shenandoah County Assessed Value
$221,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basye, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22810 | $98,600 | $154,325 | $215,350 | $293,500 | $386,750 |
Source: Ownwell
Property Tax Bills Across Basye, Virginia
In Basye, located in Shenandoah County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. For instance, with a median home price of $215,350, homeowners can expect a tax bill that varies widely based on their property's assessed value and applicable exemptions. The tax bill for the 25th percentile is approximately $924, while those in the 75th percentile face bills around $1,746. At the 90th percentile, tax bills can reach up to $2,317. Several factors influence these amounts, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The highest and lowest median tax bills in the area both stand at $1,283, reflecting the uniformity within specific zip codes. Compared to the national median property tax rate of 0.99%, homeowners in Basye experience a range of tax burdens, which can significantly impact their financial planning and overall cost of living. Understanding these factors is crucial for homeowners aiming to manage their property tax obligations effectively.
Average Basye Tax Bill
$1,283
Average Shenandoah County Tax Bill
$1,318
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Basye, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22810 | $589 | $924 | $1,283 | $1,746 | $2,317 |
Source: Ownwell