Dillwyn, Virginia Property Taxes
The median property tax rate in Dillwyn, VA is 0.55%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $113,600 in Dillwyn, the typical annual property tax bill amounts to $619, well below the national median of $2,690. Property taxes in Dillwyn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Dillwyn'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 Dillwyn or another part of Buckingham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dillwyn, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$625
Ownwell’s DILLWYN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DILLWYN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DILLWYN 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 Dillwyn, Virginia
Property taxes in Dillwyn, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dillwyn is 0.55%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Dillwyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dillwyn 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 Dillwyn's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23936 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 cities compare with Dillwyn 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 Dillwyn 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 Dillwyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23936 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Dillwyn, Virginia
In Dillwyn, 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 Buckingham 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 Dillwyn, 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 Dillwyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23936 has the highest and lowest median tax bill of $619.
Average Dillwyn Assessed Value
$113,600
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 Dillwyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23936 | $31,000 | $74,200 | $113,600 | $162,800 | $228,440 |
Source: Ownwell
Property Tax Bills Across Dillwyn, Virginia
In Dillwyn, located in Buckingham 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. Homeowners in Dillwyn can expect their property tax bills to vary significantly, influenced by factors such as property size, location, and improvements. For instance, the median home price in Dillwyn is $113,600, and property tax bills can range widely. The tax bill at the 25th percentile is $404, while at the 75th percentile, it rises to $886, and at the 90th percentile, it can reach up to $1,247. These variations highlight how different factors impact the final tax bill, making it essential for homeowners to understand their property’s assessed value and the corresponding tax rate. Compared to the national median property tax rate of 0.99%, Dillwyn’s property tax bills provide a useful benchmark for homeowners to gauge their expenses relative to other regions.
Average Dillwyn Tax Bill
$619
Average Buckingham County Tax Bill
$585
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dillwyn, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23936 | $167 | $404 | $619 | $886 | $1,247 |
Source: Ownwell