Hurley, Virginia Property Taxes
The median property tax rate in Hurley, VA is 0.39%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hurley at $47,800, the typical annual property tax bill amounts to $186, well below the national median of $2,690. Property taxes in Hurley 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 Hurley'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 Hurley or another part of Buchanan County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hurley, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$186
$173
Ownwell’s Hurley Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hurley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hurley to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value is the value assigned by Buchanan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hurley, Virginia
Property taxes in Hurley, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hurley is 0.39%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hurley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hurley 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 Hurley'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 found in certain zip codes, while others have the lowest rates. Understanding how these cities compare with Hurley 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 Hurley 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 Hurley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24620 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Hurley, Virginia
In Hurley, 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 Buchanan 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 Hurley, 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 Hurley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in this area are both $186.00, found in zip code 24620.
Average Hurley Assessed Value
$47,800
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 Hurley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24620 | $8,320 | $14,600 | $47,800 | $79,900 | $113,980 |
Source: Ownwell
Property Tax Bills Across Hurley, Virginia
In Hurley, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Buchanan County tax assessor. The assessed value typically reflects a percentage of the property's market value. For instance, with a median home price of $47,800, the tax bill can vary significantly. Factors such as property location, improvements, and market trends are considered in the assessment process. Homeowners in Hurley can expect a wide range in their property tax bills. The 25th percentile tax bill is around $57, while the 75th percentile reaches $312, and the 90th percentile can climb to $445. These variations illustrate how different factors influence the overall tax burden. Compared to the national median property tax rate of 0.99%, Hurley’s property taxes are relatively low, making it an attractive location for homeowners looking for affordable property taxes. Understanding these factors can help residents anticipate their annual property tax obligations and manage their finances accordingly.
Average Hurley 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 Hurley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24620 | $32 | $57 | $186 | $312 | $445 |
Source: Ownwell