Buchanan, Virginia Property Taxes
The median property tax rate in Buchanan, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Buchanan at $175,900, the typical annual property tax bill reaches $1,073, well below the national median of $2,690. Property taxes in Buchanan 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 Buchanan'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 Buchanan 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
Buchanan, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,073
Ownwell’s Buchanan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Buchanan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buchanan to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities effortlessly. For those interested in trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Buchanan, Virginia
Property taxes in Buchanan, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Buchanan is 0.61%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Buchanan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buchanan 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 Buchanan's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24066 has both the highest and the lowest median property tax rate of 0.61%. Understanding how these cities compare with Buchanan provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buchanan Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buchanan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24066 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Buchanan, Virginia
In Buchanan, 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 Rockbridge 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 Buchanan, 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 Buchanan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Buchanan both stand at $1073, found in the 24066 zip code.
Average Buchanan Assessed Value
$175,900
Average Rockbridge County Assessed Value
$223,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buchanan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24066 | $75,940 | $149,100 | $175,900 | $206,500 | $333,980 |
Source: Ownwell
Property Tax Bills Across Buchanan, Virginia
In Buchanan, located in Rockbridge County, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Buchanan can expect a median property tax bill around $1,073, which is slightly above the national median property tax rate of 0.99%. For instance, properties in the 25th percentile have tax bills around $910, while those in the 75th percentile see bills closer to $1,260. Homes in the 90th percentile can face tax bills as high as $2,037. These taxes fund essential community services such as schools, public safety, and infrastructure. Therefore, while they are a necessary expense, understanding how they are calculated can help homeowners manage their finances more effectively.
Average Buchanan Tax Bill
$1,073
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Buchanan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24066 | $463 | $910 | $1,073 | $1,260 | $2,037 |
Source: Ownwell