Broadford, Virginia Property Taxes
The median property tax rate in Broadford, VA is 0.58%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Broadford, the typical annual property tax bill reaches $420, significantly below the national median of $2,690. Property taxes in Broadford 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 Broadford'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 Broadford 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
Broadford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$420
$390
Ownwell’s Broadford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadford 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 Broadford, Virginia
Property taxes in Broadford, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadford is 0.58%, lower than the U.S. national median of 0.99%. Local government entities within Broadford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadford 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 Broadford's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24316 has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Broadford 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 Broadford 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 Broadford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24316 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Broadford, Virginia
In Broadford, 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 Broadford, 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. The highest median tax bill in Broadford is $420 in the 24316 zip code, which is also the lowest median tax bill. Being aware of these valuation processes in Broadford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broadford Assessed Value
$72,500
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 Broadford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24316 | $14,100 | $35,500 | $72,500 | $126,000 | $163,300 |
Source: Ownwell
Property Tax Bills Across Broadford, Virginia
Property tax bills in Broadford, Tazewell County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and is meant to reflect the market value of the home. Homeowners in Broadford experience a median home price of $72,500. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and condition. For instance, homes in the 25th percentile see tax bills around $206, while those in the 75th percentile reach approximately $731. At the 90th percentile, tax bills can go up to $947. This variation shows how property characteristics and market conditions can significantly impact the tax burden for homeowners. Compared to the national median property tax rate of 0.99%, Broadford's rates result in a relatively modest tax bill, making it a more affordable option for property owners. This affordability can be a significant factor for prospective homebuyers considering a move to the area.
Average Broadford Tax Bill
$420
Average Tazewell County Tax Bill
$465
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24316 | $82 | $206 | $420 | $731 | $947 |
Source: Ownwell