Example of Buckingham County Property Tax Calculation
When calculating the property tax for a property in Buckingham County, several factors come into play. First, the property's assessed value is determined by the county's assessor's office. This value is based on the property's size, location, and various features.
Once the assessed value is determined, a tax rate is set by the county government. This rate is expressed as a fixed percentage of the assessed value (for example, 1%).
To calculate the property tax owed, the assessed value is multiplied by the tax rate. For example, if a property is assessed at $100,000 and the tax rate is 1%, the property tax owed would be $1,000 per year.
It's worth noting that certain exemptions and deductions may apply, depending on the property owner's circumstances. For example, in some cases, a property used as a primary residence may be eligible for a homestead exemption, which lowers the assessed value and therefore the tax owed.
Overall, the property tax calculation in Buckingham County (and throughout the United States) can be a complex process, but understanding the basics can help property owners better plan for their financial obligations.
If you want appeal your property tax assessment - contact your local tax assessor.
Buckingham County Property Tax Rates
The following table showcases the tax rates for Buckingham County Property Tax per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real | $0.56 |
| Personal | $0.56 |
| Machinery | $0.56 |
| Mobile Home | $0.56 |
These tax rates are subject to change depending on the county's fiscal policies and decisions made by local authorities. It is recommended to consult with a tax professional for accurate information and guidance on property tax payments in Buckingham County.
Who sets property tax rates in Buckingham County ?
Who sets property tax rates in Buckingham County?
In Buckingham County, Virginia, the Board of Supervisors sets the property tax rates. The Board is comprised of seven members who are elected by the citizens of the county. They are responsible for setting rates for real estate, personal property, and machinery and tools.
When are the property tax rates set?
The property tax rates in Buckingham County are typically set in the spring, after the Board of Supervisors has reviewed the county's budget for the upcoming fiscal year. Once the rates have been set, property owners in the county are notified of their new assessed values and tax rates. The taxes are due twice a year, on June 5th and December 5th.
How are property tax rates determined?
The property tax rates in Buckingham County are determined based on the county's budget needs and the assessed value of each property. The Board of Supervisors takes into account the county's expenses, such as schools, public safety, and infrastructure, when setting the tax rates.
What should property owners do if they have questions about their tax bills?
If property owners in Buckingham County have questions about their tax bills, they should contact the Commissioner of Revenue's office. The Commissioner of Revenue is responsible for assessing the value of properties in the county and administering tax bills. Contact information for the office can be found on the county's website.
Homestead exemptions in Buckingham County ?
To provide a comprehensive overview of Homestead exemptions and deductions in Buckingham County, Virginia, the following table columns have been created:
| Column | Description |
|---|---|
| Exemption | Lists all the Homestead exemptions available in Buckingham County, Virginia |
| Eligibility | States the eligibility criteria for each exemption or deduction |
| Amount | Indicates the maximum amount that can be claimed for each exemption or deduction |
| Notes | Provides additional information or notes about any specific exemption or deduction |
The Homestead exemptions and deductions available in Buckingham County, Virginia are as follows:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied residential property with assessed value less than or equal to $20,000 | $5,000 | Expires on December 31 of each year, must file application annually. |
| Disabled Veterans Exemption | Veterans with a 100% permanent and total service-connected disability or their surviving spouses | Up to $10,000 | Must provide documentation of disability or death certificate. |
| Disabled Individuals Exemption | Individuals with a permanent physical or mental disability that prevents them from working and earning an income | Up to $10,000 | Must provide documentation of disability from a doctor or government agency. |
| Elderly or Disabled Tax Relief | Elderly or disabled individuals with a total household income less than $75,000 per year | Up to 100% of real estate tax assessed on the first $200,000 of the home's value | Must file an application with the county's Commissioner of the Revenue. The amount of relief is based on income and age/disability status. |
| Surviving Spouse Exemption | Surviving spouse of a service member killed in action, who has not remarried, and who occupies the home as their primary residence | Up to $10,000 | Must provide a death certificate and proof of occupancy. |
| Agricultural Exemption | Agricultural land that is actively devoted to farming and meets certain criteria | Varies depending on acreage and use | Must file an application annually and meet qualifications. |
| Conservation Easement Exemption | Property on which a conservation easement has been granted for a period of not less than 15 years | 100% of assessed value up to $200,000 | Must file an application annually and provide proof of the conservation easement. |
It is important to note that each exemption or deduction has specific eligibility requirements and application procedures. Property owners in Buckingham County, Virginia are encouraged to consult with the county's Commissioner of the Revenue to determine their eligibility and to file the appropriate applications in a timely manner.
When is Buckingham County Property Tax due ?
Buckingham County Property Tax is typically due on December 5th of each year. However, the county may extend the deadline to the following business day if the due date falls on a weekend or holiday.
To ensure timely payment, taxpayers are advised to send their payment at least five business days before the due date. Payments can be made in several ways, including:
- Online: Taxpayers can make payments electronically through the county's website using a credit/debit card or e-check.
- Mail: Payments can be mailed to the county treasurer's office at the address provided on the tax bill. Checks should be made payable to "Buckingham County Treasurer."
- In person: Payments can be made in person at the treasurer's office during regular business hours. Cash, checks, and money orders are accepted.
Penalties and interest will be applied to late payments. It is crucial for taxpayers to pay their property taxes on time to avoid potential financial penalties. If you have any further questions regarding payment methods or deadlines, please contact the Buckingham County Treasurer's office.
If you have more questions - contact your local tax collector.
How is Buckingham County Property Tax penalty calculated ?
Buckingham County charges a penalty on late property tax payments. The penalty is a percentage of the unpaid taxes and is calculated as follows:
-
Initial Late Fee: If the payment is not received by the due date, a late fee of 10% is added to the unpaid taxes.
-
Additional Penalty: Every month after the due date, an additional penalty of 10% is added to the unpaid taxes.
To better understand how the penalty is calculated, let's take an example. Suppose a property owner has an annual property tax bill of $10,000 due on January 1st, but they fail to make the payment by the due date. Here's how the penalty would be calculated:
| Date | Amount Due | Late Fee (10%) | Additional Penalty (10%) | Total Amount Due |
|---|---|---|---|---|
| Jan 1 | $10,000 | N/A | N/A | $10,000 |
| Feb 1 | $10,000 | $1,000 | $1,000 | $12,000 |
| Mar 1 | $10,000 | $1,000 | $2,000 | $13,000 |
| Apr 1 | $10,000 | $1,000 | $3,000 | $14,000 |
| May 1 | $10,000 | $1,000 | $4,000 | $15,000 |
In this example, the property owner missed the payment on January 1st and did not pay until May 1st, four months later. As a result, they were charged a total penalty of $5,000 (10% late fee + 30% additional penalty) in addition to the original $10,000 tax bill, resulting in a total payment of $15,000.
It is important for property owners in Buckingham County to make their property tax payments on time to avoid incurring these penalties.
We recommend contacting the Buckingham County Tax Office or a local tax professional for the most up-to-date and accurate information.