Property Taxes in Oakwood, Virginia
Median Oakwood, Virginia effective property tax rate: 0.39%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Oakwood, Virginia home value: $41,800
Median annual Oakwood, Virginia tax bill: $163, $2,237 lower than the national median property tax bill of $2,400.
How are property taxes in Buchanan calculated?
Property taxes in Oakwood, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Oakwood's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Oakwood, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Oakwood Property Tax Calculator Work?
Use this Oakwood property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Oakwood's median effective tax rate of 0.39% — based on actual property records in Buchanan County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment office uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Oakwood's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Oakwood: rates range from 0.39% in 24631 to 0.39% in 24631, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Oakwood.
About Oakwood Property Taxes
About Property Taxes in Oakwood, Buchanan, Virginia
Oakwood's median effective property tax rate of 0.39% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Buchanan County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Oakwood. Homeowners in the 24631 ZIP code carry a median effective rate of 0.39%, while those in the same ZIP code pay 0.39%. This reflects how school district boundaries and local assessment districts are drawn across Buchanan County. Understanding which part of Oakwood you live in can make a meaningful difference to your annual tax bill.
Oakwood homeowners who believe their assessed value is too high can file a formal appeal with the Buchanan County Tax Assessor before the deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Oakwood, Buchanan County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Oakwood's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Oakwood Tax Rate
0.39%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Buchanan County Tax Rate
0.39%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Oakwood, Buchanan County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24631 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Buchanan County, Virginia
When examining property taxes in Oakwood, Virginia, understanding the distinction between market value and assessed value is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Buchanan County appraisal district estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Buchanan County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. The median home price in Oakwood is $41,800, with a median tax bill of $163. Tax bills range from $47 at the 25th percentile to $430 at the 90th percentile, and 24631 has the highest median home price at $41,800.
Property Tax Assessment Values Across Oakwood, Buchanan County, Virginia
Source: Ownwell
$31,350
$42,075
$52,800
Median Oakwood Market Value
$41,800
Median Buchanan County Market Value
$47,800
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Oakwood, Buchanan County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24631 | $4,420 | $12,000 | $41,800 | $76,600 | $110,240 |
Source: Ownwell
Property Tax Bills Across Oakwood, Buchanan County, Virginia
Property tax bills in Oakwood are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value of the property. That means the amount you owe depends on what the home is worth, not what you originally paid for it. Local taxing authorities use this assessed value to determine the final bill, and homeowners may see changes when market conditions shift or when assessments are updated.
With a median home price of $41,800, Oakwood homeowners generally face relatively modest tax bills compared with many places nationwide. The median property tax bill is $163.00, which is well below the national median property tax bill of $2,400 and far under the national median property tax rate of 1.02%. Bills can still vary widely, though, with the 25th percentile at $47, the 75th percentile at $299, and the 90th percentile at $430. These differences show how property characteristics and assessment outcomes can affect what homeowners pay each year.
Median Oakwood Tax Bill
$163
Median Buchanan County Tax Bill
$186
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Oakwood, Buchanan County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24631 | $17 | $47 | $163 | $299 | $430 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
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Links | |
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| Buchanan Tax Assessor | |
| Website | egov.buchanancounty-va.gov |