Bohannon, Virginia Property Taxes
The median property tax rate in Bohannon, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Bohannon, the typical annual property tax bill reaches $1,404, which is well below the national median of $2,690. Property taxes in Bohannon 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 Bohannon'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 Bohannon 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
Bohannon, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,404
$1,303
Ownwell’s Bohannon Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bohannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bohannon 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 Bohannon, Virginia
Property taxes in Bohannon, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bohannon is 0.56%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Bohannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bohannon 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 Bohannon's effective property tax rate to other regions in Virginia and the national median. For comparison, the zip code 23021 in Bohannon has both the highest and lowest median property tax rate of 0.56%. Understanding how Bohannon compares with other areas provides valuable insights into the varying tax landscape across Mathews County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bohannon Tax Rate
0.56%
Average Mathews County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bohannon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23021 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Bohannon, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bohannon, Virginia. 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 Mathews 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 Bohannon, 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 Bohannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bohannon are both $1,404, found in zip code 23021.
Average Bohannon Assessed Value
$250,650
Average Mathews County Assessed Value
$237,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bohannon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23021 | $59,110 | $154,550 | $250,650 | $473,525 | $712,170 |
Source: Ownwell
Property Tax Bills Across Bohannon, Virginia
In Bohannon, VA, property tax bills are primarily determined by the assessed value of a home, which is based on its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $250,650, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $865, while those at the 75th percentile can reach up to $2,652. For higher-end properties, the tax bill can soar to $3,988 at the 90th percentile. These tax rates can significantly impact homeowners' finances, making it crucial for them to understand their property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Bohannon's rates can be seen as relatively moderate, yet they still represent a substantial annual expense. Homeowners in the highest median tax bill area of zip code 23021 pay approximately $1,404, illustrating the variability within the region.
Average Bohannon Tax Bill
$1,404
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bohannon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23021 | $331 | $865 | $1,404 | $2,652 | $3,988 |
Source: Ownwell