Oakwood, Virginia Property Taxes
The median property tax rate in Oakwood, 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 $42,000 in Oakwood, the typical annual property tax bill amounts to $164, far below the national median of $2,690. Property taxes in Oakwood are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Oakwood'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 Oakwood or another part of Buchanan County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakwood, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$164
$152
Ownwell’s Oakwood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood to estimate your property tax bill. This intuitive tool helps you understand potential tax liabilities. For those interested in seeing trends at 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 Oakwood, Virginia
Property taxes in Oakwood, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 0.39%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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 Oakwood'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 Buchanan County, with a rate of 1.2%, while the lowest median tax rate is 0.3% in another part of the state. Understanding how these cities compare with Oakwood 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 Oakwood 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 Oakwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24631 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakwood, 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 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. 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. The median home price in Oakwood is $42,000, with tax bills ranging from $47 at the 25th percentile to $433 at the 90th percentile. The highest and lowest median tax bills are both found in the 24631 zip code, each at $164. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakwood Assessed Value
$42,000
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 Oakwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24631 | $4,850 | $12,025 | $42,000 | $76,850 | $111,050 |
Source: Ownwell
Property Tax Bills Across Oakwood, Virginia
In Oakwood, Buchanan County, VA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Oakwood is $42,000. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. Homeowners in Oakwood experience a range of property tax bills. The tax bill at the 25th percentile is $47, while at the 75th percentile, it reaches $300. At the 90th percentile, homeowners can expect to pay around $433. The highest and lowest median tax bills in the area are both $164, specifically in the 24631 zip code. Compared to the national median property tax rate of 0.99%, Oakwood's property tax bills are relatively modest. This affordability can make homeownership more accessible, but it also means that local services funded by property taxes may have limited budgets.
Average Oakwood Tax Bill
$164
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24631 | $19 | $47 | $164 | $300 | $433 |
Source: Ownwell