Rowe, Virginia Property Taxes
The median property tax rate in Rowe, VA is 0.39%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Rowe, the typical annual property tax bill reaches $168, significantly below the national median of $2,690. Property taxes in Rowe are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rowe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rowe or another part of Buchanan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rowe, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s ROWE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ROWE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ROWE 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 Rowe, Virginia
Property taxes in Rowe, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rowe is 0.39%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Rowe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rowe 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 Rowe'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 significantly higher, while the lowest median tax rate is also notably lower. Understanding how these cities compare with Rowe 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 Rowe 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 Rowe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24646 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Rowe, Virginia
In Rowe, 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 Buchanan County 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 Rowe, 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. The median home price in Rowe is $43,050, with tax bills ranging from $49 at the 25th percentile to $422 at the 90th percentile. The zip code 24646 has both the highest and lowest median tax bill, valued at $168. Being aware of these valuation processes in Rowe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rowe Assessed Value
$43,050
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 Rowe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24646 | $5,760 | $12,650 | $43,050 | $74,950 | $108,310 |
Source: Ownwell
Property Tax Bills Across Rowe, Virginia
In Rowe, Buchanan County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For instance, homeowners in Rowe can expect tax bills that vary significantly based on their property's assessed value, with the 25th percentile tax bill at $49 and the 75th percentile reaching $292. The 90th percentile tax bill goes up to $422, reflecting the higher end of the property value spectrum. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Homeowners in Rowe, where the median home price is $43,050, might find their tax burden manageable compared to the national median property tax rate of 0.99%. Understanding how these factors interplay can help homeowners anticipate and plan for their annual property tax obligations effectively.
Average Rowe Tax Bill
$168
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rowe, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24646 | $22 | $49 | $168 | $292 | $422 |
Source: Ownwell