Bandy, Virginia Property Taxes
The median property tax rate in Bandy, VA is 0.58%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value in Bandy of $33,950, the typical annual property tax bill amounts to $197, well below the national median of $2,690. Property taxes in Bandy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bandy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bandy or another part of Tazewell County, comprehending the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bandy, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$197
$183
Ownwell’s Bandy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bandy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bandy 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 Bandy, Virginia
Property taxes in Bandy, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bandy is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bandy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bandy 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 Bandy's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24602 has both the highest and lowest median property tax rate of 0.58%, reflecting the uniformity in tax rates within this area. Understanding how these cities compare with Bandy provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bandy Tax Rate
0.58%
Average Tazewell County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bandy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24602 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Bandy, Virginia
In Bandy, 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 Tazewell 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 Bandy, 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 Bandy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $197.00 in the zip code 24602.
Average Bandy Assessed Value
$33,950
Average Tazewell County Assessed Value
$80,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bandy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24602 | $8,000 | $18,150 | $33,950 | $62,250 | $90,720 |
Source: Ownwell
Property Tax Bills Across Bandy, Virginia
In Bandy, located in Tazewell County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Bandy experience a range of property tax bills depending on their property's assessed value. For instance, the median home price in Bandy is $33,950, which is significantly lower than the national median. Consequently, the property tax bills here are also relatively low. The 25th percentile of tax bills is around $105, while the 75th percentile reaches up to $363. The highest tax bill in the area is $527, with the median tax bill being $197 in the zip code 24602. These figures illustrate how property tax burdens can vary even within a small community. Homeowners should be aware that property taxes are a significant part of homeownership costs and can impact their overall financial planning.
Average Bandy Tax Bill
$197
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bandy, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24602 | $46 | $105 | $197 | $363 | $527 |
Source: Ownwell