Breaks, Virginia Property Taxes
The median property tax rate in Breaks, VA is 0.39%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $47,600 in Breaks, the typical annual property tax bill is $186, far below the national median of $2,690. Property taxes in Breaks are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Breaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Breaks or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Breaks, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$186
$172
Ownwell’s BREAKS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BREAKS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BREAKS 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 Breaks, Virginia
Property taxes in BREAKS, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BREAKS is 0.39%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within BREAKS set these rates annually, and they can vary significantly across different neighborhoods. Each year, BREAKS 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 BREAKS'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 considerably higher, while certain areas enjoy even lower rates than BREAKS. Understanding how these cities compare with BREAKS 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 Breaks 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 Breaks, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24607 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Breaks, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Breaks, Buchanan County, Virginia. 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 county's 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 Breaks, 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 Breaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Breaks is $186 in zip code 24607, while the lowest is also $186 in the same zip code. This highlights a relatively uniform tax burden across the area.
Average Breaks Assessed Value
$47,600
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 Breaks, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24607 | $10,000 | $16,100 | $47,600 | $82,200 | $131,800 |
Source: Ownwell
Property Tax Bills Across Breaks, Virginia
Property tax bills in Breaks, Buchanan County, VA, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the Buchanan County Assessor's Office and reflects the market value of the property. For homeowners in Breaks, the median home price is $47,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $63 and the 75th percentile tax bill at $321. At the 90th percentile, homeowners might see a tax bill as high as $514. The highest and lowest median tax bills in the area are both $186, indicating a uniformity in tax assessments within the specific zip code 24607. Compared to the national median property tax rate of 0.99%, Breaks offers a relatively affordable property tax environment. These factors collectively impact homeowners by influencing their annual financial obligations and potentially affecting their decisions regarding property investments.
Average Breaks Tax Bill
$186
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Breaks, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24607 | $39 | $63 | $186 | $321 | $514 |
Source: Ownwell