Pilgrims Knob, Virginia Property Taxes
The median property tax rate in Pilgrims Knob, 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 $47,600 in Pilgrims Knob, the typical annual property tax bill amounts to $186, far below the national median of $2,690. Property taxes in Pilgrims Knob are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Pilgrims Knob'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 Pilgrims Knob or elsewhere in Buchanan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pilgrims Knob, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$186
Ownwell’s Pilgrims Knob Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pilgrims Knob with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pilgrims Knob 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 Pilgrims Knob, Virginia
Property taxes in Pilgrims Knob, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pilgrims Knob 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 Pilgrims Knob set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pilgrims Knob 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 Pilgrims Knob's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Buchanan County is 0.52%, while the lowest median tax rate is 0.39%. Understanding how these cities compare with Pilgrims Knob 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 Pilgrims Knob 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 Pilgrims Knob, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24634 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Pilgrims Knob, Virginia
In Pilgrims Knob, 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 Pilgrims Knob, 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 Pilgrims Knob helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pilgrims Knob is $47,600, with the highest median tax bill in Buchanan County being $186 in the 24634 zip code.
Average Pilgrims Knob 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 Pilgrims Knob, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24634 | $8,000 | $16,050 | $47,600 | $81,200 | $119,100 |
Source: Ownwell
Property Tax Bills Across Pilgrims Knob, Virginia
In Pilgrims Knob, located in Buchanan County, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $47,600, homeowners can expect varying tax bills depending on specific factors such as exemptions and property characteristics. The tax bill for the 25th percentile is approximately $63, while the 75th percentile sees bills around $317. At the 90th percentile, tax bills can reach up to $464. These property taxes directly impact homeowners by influencing their annual financial obligations. Compared to the national median property tax rate of 0.99%, Pilgrims Knob’s property taxes can be considered relatively moderate. This system ensures that property taxes are proportionate to property values, maintaining a fair distribution of tax responsibilities among homeowners.
Average Pilgrims Knob 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 Pilgrims Knob, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24634 | $31 | $63 | $186 | $317 | $464 |
Source: Ownwell