Swords Creek, Virginia Property Taxes
The median property tax rate in Swords Creek, 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 Swords Creek at $57,700, the typical annual property tax bill amounts to $225, which is well below the national median of $2,690. Property taxes in Swords Creek 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 Swords Creek'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 Swords Creek 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
Swords Creek, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$225
Ownwell’s Swords Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swords Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swords Creek 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 Swords Creek, Virginia
Property taxes in Swords Creek, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swords Creek is 0.39%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Swords Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swords Creek 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 Swords Creek'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 0.65%, while the lowest median tax rate is 0.25%. Understanding how these areas compare with Swords Creek 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 Swords Creek 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 Swords Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24649 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Swords Creek, Virginia
In Swords Creek, 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 Swords Creek, 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 Swords Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $225.00 in zip code 24649, reflecting the uniformity in this region.
Average Swords Creek Assessed Value
$57,700
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 Swords Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24649 | $57,700 | $57,700 | $57,700 | $57,700 | $57,700 |
Source: Ownwell
Property Tax Bills Across Swords Creek, Virginia
In Swords Creek, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Buchanan County tax assessor. The median home price in Swords Creek is $57,700. Property tax rates are applied to this assessed value to determine the annual tax bill. For a home valued at the median price, the tax bill typically falls around $225, which is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value and the local tax rate. In Swords Creek, the tax bills are consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $225. This uniformity suggests a stable and predictable tax environment for homeowners. Lower property tax rates can make homeownership more affordable, potentially attracting new residents and fostering community growth. Homeowners benefit from these lower rates, allowing for more disposable income and financial flexibility.
Average Swords Creek Tax Bill
$225
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Swords Creek, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24649 | $225 | $225 | $225 | $225 | $225 |
Source: Ownwell