Boissevain, Virginia Property Taxes
The median property tax rate in Boissevain, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Boissevain at $31,600, the typical annual property tax bill is $183, well below the national median of $2,690. Property taxes in Boissevain are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Boissevain's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Boissevain or another part of Tazewell County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boissevain, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Boissevain Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Boissevain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boissevain 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 Boissevain, Virginia
Property taxes in Boissevain, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boissevain is 0.58%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Boissevain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boissevain 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 Boissevain's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24606 zip code has the highest median property tax rate of 0.58%, while the 24606 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Boissevain provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boissevain Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boissevain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24606 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Boissevain, Virginia
In Boissevain, 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 Tazewell 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 Boissevain, 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 Boissevain 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 $183, found in zip code 24606.
Average Boissevain Assessed Value
$31,600
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boissevain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24606 | $21,720 | $26,900 | $31,600 | $51,450 | $99,480 |
Source: Ownwell
Property Tax Bills Across Boissevain, Virginia
In Boissevain, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $31,600, homeowners can expect varying tax bills. The 25th percentile tax bill is around $156, while the 75th percentile tax bill reaches up to $298, and the 90th percentile tax bill can be as high as $577. Several factors influence these calculations, including the property's market value, any applicable exemptions, and the specific tax rate set by Tazewell County. Compared to the national median property tax rate of 0.99%, Boissevain's rates are relatively modest, which can be a financial relief for homeowners. This lower tax burden can make homeownership more affordable, allowing residents to allocate funds to other essential expenses or investments.
Average Boissevain Tax Bill
$183
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Boissevain, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24606 | $126 | $156 | $183 | $298 | $577 |
Source: Ownwell