Buckingham, Virginia Property Taxes
The median property tax rate in Buckingham, VA is 0.55%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Buckingham at $103,900, the typical annual property tax bill reaches $569, well below the national median of $2,690. Property taxes in Buckingham 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 Buckingham'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 Buckingham or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buckingham, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$571
Ownwell’s Buckingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckingham 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 Buckingham, Virginia
Property taxes in Buckingham, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Buckingham is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buckingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckingham 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 Buckingham's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23921 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these areas compare with Buckingham provides valuable insights into the varying tax landscape across Buckingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckingham Tax Rate
0.55%
Average Buckingham County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckingham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23921 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Buckingham, Virginia
In Buckingham, 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 Buckingham, 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 Buckingham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Buckingham is $103,900, with tax bills ranging from $270 at the 25th percentile to $1,237 at the 90th percentile. The highest and lowest median tax bills both stand at $569 in zip code 23921.
Average Buckingham Assessed Value
$103,900
Average Buckingham County Assessed Value
$107,100
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckingham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23921 | $20,500 | $49,200 | $103,900 | $165,500 | $226,060 |
Source: Ownwell
Property Tax Bills Across Buckingham, Virginia
In Buckingham, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Buckingham is $103,900, and the tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Buckingham can expect tax bills to vary significantly, with the 25th percentile tax bill at $270 and the 75th percentile tax bill reaching $898. For those at the 90th percentile, the tax bill can go up to $1,237. Factors such as property size, location, and any improvements made to the home can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Buckingham offers a relatively moderate tax environment for its residents. This can be a crucial consideration for potential homeowners looking to manage their long-term housing costs effectively. Understanding these factors can help homeowners anticipate and plan for their annual property tax expenses.
Average Buckingham Tax Bill
$569
Average Buckingham County Tax Bill
$585
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckingham, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23921 | $111 | $270 | $569 | $898 | $1,237 |
Source: Ownwell