Boyce, Virginia Property Taxes
The median property tax rate in Boyce, VA is 0.60%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Boyce at $346,900, the typical annual property tax bill reaches $2,024, which is below the national median of $2,690. Property taxes in Boyce 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 Boyce'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 Boyce or another part of Clarke County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boyce, 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 Boyce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boyce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boyce 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 Boyce, Virginia
Property taxes in Boyce, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boyce stands at 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Boyce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boyce 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 Boyce's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22620 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Boyce provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boyce Tax Rate
0.60%
Average Clarke County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boyce, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22620 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Boyce, Virginia
In Boyce, 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 Clarke County Assessor 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 Boyce, 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 Boyce helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Boyce's zip code 22620 are both $2024.00.
Average Boyce Assessed Value
$346,900
Average Clarke County Assessed Value
$342,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boyce, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22620 | $174,100 | $238,050 | $346,900 | $443,150 | $661,300 |
Source: Ownwell
Property Tax Bills Across Boyce, Virginia
Property tax bills in Boyce, located in Clarke County, VA, are determined based on the assessed value of a property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $346,900, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,402, while those at the 75th percentile could see bills up to $2,588. For properties in the 90th percentile, tax bills can reach as high as $3,682. Factors such as property improvements, market trends, and neighborhood developments play a crucial role in determining the assessed value. Homeowners in Boyce should be aware that these property taxes fund essential public services, including schools, emergency services, and infrastructure. Comparing these figures to the national median property tax rate of 0.99%, Boyce's rates reflect the unique economic and real estate conditions of the area. This variability in tax bills underscores the importance of understanding local property tax regulations and potential exemptions.
Average Boyce Tax Bill
$2,024
Average Clarke County Tax Bill
$2,002
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Boyce, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22620 | $1,042 | $1,402 | $2,024 | $2,588 | $3,682 |
Source: Ownwell