24066 Property Tax Rate

Property owners in ZIP code 24066 (Buchanan, Virginia) pay a median of $1,278/year in property taxes on homes valued at $200,100. This translates to an effective tax rate of 0.64%, which is 5% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24066 is approximately $107, which factors into escrow payments on mortgages. This ZIP code is located within Botetourt County. This is $965 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24066 has higher property taxes. ZIP codes with similar effective rates include 23885 (0.64%) and 24333 (0.64%).

In Buchanan, property taxes represent approximately 2.0% of the median household income of $62,536, providing context for the relative tax burden on homeowners in this area.

Botetourt County's 0.64% local rate is your only property tax in Virginia, with no state tax or reassessment limits at purchase. Agricultural property owners should file for Land Use Taxation with the Botetourt County Assessor to reduce your assessment to agricultural use value rather than market value. Elderly (65+) and disabled homeowners should reach out to the Botetourt County Assessor to apply for circuit breaker relief, which can substantially reduce your annual tax based on income thresholds.