Bee, Buchanan County, Virginia Property Taxes
The median property tax rate in BEE, VA is 0.39%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $42,800 in BEE, the typical annual property tax bill amounts to just $167, well below the national median of $2,690. Property taxes in BEE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding BEE'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 BEE or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bee, Buchanan County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$167
$155
Ownwell’s BEE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BEE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BEE 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 Bee, Buchanan County, Virginia
Property taxes in BEE, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BEE is 0.39%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within BEE set these rates annually, and they can vary significantly across different neighborhoods. Each year, BEE 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 BEE's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in the state is 1.07%, while the lowest median tax rate is 0.42%. Understanding how these cities compare with BEE 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 Bee 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 Bee, Buchanan County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24217 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Bee, Buchanan County, Virginia
In BEE, 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 Buchanan County 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 BEE, 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 BEE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24217 has both the highest and lowest median tax bill at $167, indicating a uniformity in tax assessments.
Property Tax Assessment Values Across Bee, Buchanan County, Virginia
Source: Ownwell
$24,800
$38,775
$52,750
Average Bee Assessed Value
$42,800
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 Bee, Buchanan County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24217 | $6,640 | $12,950 | $42,800 | $74,675 | $100,700 |
Source: Ownwell
Property Tax Bills Across Bee, Buchanan County, Virginia
In BEE, located in Buchanan County, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value. Homeowners in BEE experience property tax bills that vary significantly, with the 25th percentile at $51 and the 75th percentile at $291. At the higher end, the 90th percentile tax bill reaches $393. The median home price in BEE is $42,800, which is significantly lower than the national median. Consequently, property tax bills in BEE are generally lower compared to many other regions. For instance, the highest median tax bill in the area is $167, found in zip code 24217. These property taxes are an important consideration for homeowners, affecting monthly mortgage payments and overall housing affordability. Lower property tax bills can make homeownership more accessible, while higher bills can impact a homeowner's budget and financial planning.
Average Bee Tax Bill
$167
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bee, Buchanan County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24217 | $26 | $51 | $167 | $291 | $393 |
Source: Ownwell