Whitewood, Virginia Property Taxes
The median property tax rate in Whitewood, 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 Whitewood, the typical annual property tax bill is $137, significantly below the national median of $2,690. Property taxes in Whitewood 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 Whitewood'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 Whitewood 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
Whitewood, 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 Whitewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitewood 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 Whitewood, Virginia
Property taxes in Whitewood, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whitewood is 0.39%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Whitewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitewood 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 Whitewood's effective property tax rate to other counties in Virginia and the national median. For comparison, Buchanan County has varying tax rates across its different areas. Understanding how these areas compare with Whitewood 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 Whitewood 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 Whitewood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24657 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Whitewood, Virginia
In Whitewood, 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 local 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 Whitewood, 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 Whitewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Buchanan County is 24657, both at $137.
Average Whitewood Assessed Value
$35,050
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 Whitewood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24657 | $8,300 | $13,400 | $35,050 | $70,400 | $115,020 |
Source: Ownwell
Property Tax Bills Across Whitewood, Virginia
In Whitewood, 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 assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Whitewood, the property tax bills can vary significantly. For instance, the 25th percentile tax bill is $52, while the 75th percentile tax bill is $275, and the 90th percentile tax bill reaches $449. The highest and lowest median tax bills in the area are both $137, showing some consistency within specific zip codes like 24657. Compared to the national median property tax rate of 0.99%, the tax rates in Whitewood can be seen as relatively low, which can be beneficial for homeowners looking to manage their annual expenses. However, the variation in tax bills highlights the importance of understanding local assessments and rates to anticipate property tax obligations accurately.
Average Whitewood Tax Bill
$137
Average Buchanan County Tax Bill
$189
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitewood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24657 | $32 | $52 | $137 | $275 | $449 |
Source: Ownwell