24065 Property Tax Rate

Property owners in ZIP code 24065 (Boones Mill, Virginia) pay a median of $1,295/year in property taxes on homes valued at $241,200. This translates to an effective tax rate of 0.54%, which is 20% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24065 is approximately $108, which factors into escrow payments on mortgages. This ZIP code is located within Franklin County. This is $948 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24065 has higher property taxes. ZIP codes with similar effective rates include 24054 (0.54%) and 23868 (0.54%).

In Boones Mill, property taxes represent approximately 2.0% of the median household income of $63,457, providing context for the relative tax burden on homeowners in this area.

Franklin County's 0.54% local rate is Virginia's sole property tax — there is no state tax and no reassessment requirements at sale. Landowners using property for agriculture should apply for Land Use Taxation through the Franklin County Assessor to be taxed on use value rather than market value. Seniors 65+ and disabled residents should contact the Franklin County Assessor to determine circuit breaker relief eligibility, which caps property taxes based on household income.