Buchanan County, Virginia Property Taxes

Local government entities set tax rates, which can vary widely within Virginia. Each county annually estimates its required budget to provide necessary services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell.

Buchanan County's effective property tax rate is significantly lower than the national median property tax rate of 1.02%. This means that property owners in Buchanan County enjoy a relatively lower tax burden compared to many other regions across the United States. For residents of Buchanan County, this could translate to substantial savings, particularly when compared to areas with higher tax rates. This lower rate may make the county an attractive place for potential homeowners looking for affordability in property taxes. Comparing Buchanan County's rate to other counties in Virginia or the national median offers a clear perspective on the benefits of owning property in this region.

In Buchanan County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area.

Homeowners in Buchanan County experience relatively low property tax bills compared to the national median. The median home price in the county is $48,400, resulting in tax bills that are significantly lower than the national median property tax bill of $2,400. For instance, the 25th percentile tax bill is $64, while the 75th percentile reaches $318, and the 90th percentile is $471. In Vansant, the highest median tax bill is $206, whereas Whitewood has the lowest at $137. These lower tax bills can make homeownership more affordable but may also impact the funding available for local public services.