Buffalo Junction, Virginia Property Taxes
The median property tax rate in Buffalo Junction, VA is 0.40%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Buffalo Junction at $135,300, the typical annual property tax bill is $541, well below the national median of $2,690. Property taxes in Buffalo Junction are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Buffalo Junction'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 Buffalo Junction or another part of Mecklenburg County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Junction, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$541
$502
Ownwell’s Buffalo Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Junction 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 Buffalo Junction, Virginia
Property taxes in Buffalo Junction, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Junction is 0.40%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Buffalo Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Junction 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 Buffalo Junction's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in the region is found in ZIP code 22901 at 1.05%, while the lowest median tax rate is in ZIP code 23821 at 0.25%. Understanding how these cities compare with Buffalo Junction provides valuable insights into the varying tax landscape across Mecklenburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Junction Tax Rate
0.40%
Average Mecklenburg County Tax Rate
0.40%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Junction, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24529 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Junction, Virginia
In Buffalo Junction, 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 Mecklenburg 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 Buffalo Junction, 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 Buffalo Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $135,300, with tax bills ranging from $275 at the 25th percentile to $1,495 at the 90th percentile. The highest and lowest median tax bills are both found in the 24529 zip code, standing at $541.
Property Tax Assessment Values Across Buffalo Junction, Virginia
Source: Ownwell
$68,200
$122,050
$175,900
Average Buffalo Junction Assessed Value
$135,300
Average Mecklenburg County Assessed Value
$106,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Junction, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24529 | $27,800 | $68,800 | $135,300 | $244,625 | $373,730 |
Source: Ownwell
Property Tax Bills Across Buffalo Junction, Virginia
In Buffalo Junction, Mecklenburg County, VA, property tax bills are calculated based on the assessed value of a home, which is distinct from its market value. The assessed value is determined by local government assessors who evaluate various factors such as property size, location, and condition. Homeowners in Buffalo Junction can expect their property tax bills to vary widely. For instance, the 25th percentile tax bill stands at $275, while the 75th percentile reaches $978. At the higher end, the 90th percentile tax bill can be as much as $1,495. These tax bills are crucial for homeowners as they directly impact annual expenses. With the median home price in Buffalo Junction at $135,300, homeowners need to budget for these taxes accordingly. The highest and lowest median tax bills in the area are both $541, found in the zip code 24529. Comparing these figures to the national median property tax rate of 0.99%, it’s clear that property taxes in Buffalo Junction can significantly affect financial planning for residents.
Average Buffalo Junction Tax Bill
$541
Average Mecklenburg County Tax Bill
$427
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Junction, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24529 | $111 | $275 | $541 | $978 | $1,495 |
Source: Ownwell