Farmville, Buckingham County, Virginia Property Taxes
The median property tax rate in Farmville, VA is 0.55%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Farmville at $124,150, the typical annual property tax bill reaches $681, well below the national median of $2,690. Property taxes in Farmville 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 Farmville'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 Farmville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmville, Buckingham County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$683
$634
Ownwell’s Farmville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmville 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 Farmville, Buckingham County, Virginia
Property taxes in Farmville, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmville is 0.55%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Farmville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmville 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 Farmville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23901 has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Farmville 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 Farmville 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 Farmville, Buckingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Farmville, Buckingham County, Virginia
In Farmville, 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 Farmville, 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. For instance, the median home price in Farmville is $124,150, with tax bills ranging from $400 at the 25th percentile to $1,376 at the 90th percentile. The zip code with the highest and lowest median tax bill is 23901, both at $681. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Farmville, Buckingham County, Virginia
Source: Ownwell
$91,650
$124,825
$158,000
Average Farmville Assessed Value
$124,150
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 Farmville, Buckingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $27,030 | $75,750 | $124,150 | $186,575 | $250,100 |
Source: Ownwell
Property Tax Bills Across Farmville, Buckingham County, Virginia
Property tax bills in Farmville, Buckingham County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Farmville experience a range of tax bills, with the 25th percentile paying around $400 and the 75th percentile paying up to $1,023 annually. The 90th percentile tax bill can reach as high as $1,376. These tax bills are influenced by several factors, including property location, size, and improvements, as well as the overall market trends in the area. For instance, the highest median tax bill in the city is $681, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, as it may result in more affordable living costs while still contributing to essential public services such as schools, infrastructure, and emergency services.
Average Farmville Tax Bill
$681
Average Buckingham County Tax Bill
$585
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmville, Buckingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $146 | $400 | $681 | $1,023 | $1,376 |
Source: Ownwell