Raven, Virginia Property Taxes
The median property tax rate in Raven, 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 Raven, the typical annual property tax bill is $196, well below the national median of $2,690. Property taxes in Raven 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 Raven'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 Raven 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
Raven, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$196
$182
Ownwell’s Raven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raven 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 Raven, Virginia
Property taxes in Raven, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raven is 0.39%, significantly lower than both the Virginia state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Raven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raven 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 Raven's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in the county is 0.80%, while the lowest median tax rate is 0.39%. Understanding how these cities compare with Raven 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 Raven 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 Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Raven, Virginia
In Raven, 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 Raven, 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 Raven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Raven is $196.00 in the 24639 zip code, while the lowest median tax bill is also $196.00 in the same zip code.
Average Raven Assessed Value
$50,250
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 Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | $8,000 | $17,400 | $50,250 | $84,925 | $121,050 |
Source: Ownwell
Property Tax Bills Across Raven, Virginia
In Raven, Buchanan County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor and is an estimate of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Raven, the median home price is $50,250. Property tax bills can vary significantly, with the 25th percentile at $68, the 75th percentile at $331, and the 90th percentile reaching $472. These figures indicate that while some homeowners pay relatively low property taxes, others may face higher bills depending on their property's assessed value and the local tax rate. Comparatively, the national median property tax rate is 0.99%, making Raven's property tax rates relatively modest. This can offer financial relief to homeowners, especially when compared to areas with higher property tax rates. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Raven Tax Bill
$196
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Raven, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24639 | $31 | $68 | $196 | $331 | $472 |
Source: Ownwell