Oakwood, Buchanan County, Virginia Property Taxes
Median Oakwood, VA effective property tax rate: 0.39%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Oakwood, VA home value: $42,000
Median annual Oakwood, VA tax bill: $164, $2,236 lower than the national median property tax bill of $2,400.
How are property taxes in Buchanan calculated?
Property taxes in Oakwood, VA 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 March 1, 2025
Oakwood, Buchanan County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.39%
Estimate Property Tax Bill
$163
$151
Property Tax Rates Across Oakwood, Buchanan County, Virginia
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide 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.
In Oakwood, located in Buchanan County, Virginia, the effective property tax rate is notably lower than the national median. This can be attributed to the county's budgetary needs and the total assessed value of properties within its jurisdiction. Compared to other cities in Virginia, Oakwood's property tax rate offers a more affordable option for homeowners.
When considering the median property tax rates in Virginia and the U.S., Oakwood stands out as an attractive location for those seeking lower property tax obligations. This information can be valuable for prospective homeowners or investors looking to optimize their property tax expenses.
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
1.02%
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, VA, 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.
In Buchanan County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Oakwood. For example, the median home price in Oakwood is $42,000, with tax bills ranging significantly across the county. Zip code 24631 has the highest median home price at $42,000.
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
$235,294
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
Median Oakwood Tax Bill
$163
Median Buchanan County Tax Bill
$186
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
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