Lowesville, Virginia Property Taxes
The median property tax rate in Lowesville, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lowesville at $71,700, the typical annual property tax bill is $437, well below the national median of $2,690. Property taxes in Lowesville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lowesville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lowesville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lowesville, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Lowesville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Lowesville. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in the area to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and make informed financial decisions. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Lowesville, Virginia
Property taxes in Lowesville, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowesville is 0.61%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Lowesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowesville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lowesville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22922 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Lowesville provides valuable insights into the varying tax landscape across Amherst County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowesville Tax Rate
0.61%
Average Amherst County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22922 | 0.58% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Lowesville, Virginia
In Lowesville, Virginia, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Amherst County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Lowesville are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lowesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Lowesville is 22922, with a median tax bill of $437.
Average Lowesville Assessed Value
$71,700
Average Amherst County Assessed Value
$130,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22922 | $45,940 | $64,075 | $71,700 | $244,300 | $298,810 |
Source: Ownwell
Property Tax Bills Across Lowesville, Virginia
In Lowesville, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Lowesville is $71,700. Property taxes are then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Lowesville can expect their tax bills to vary significantly. The 25th percentile tax bill is $391, while the 75th percentile reaches $1,487, and the 90th percentile is $1,709. This range indicates that property taxes can differ widely, impacting homeowners' financial planning. Comparatively, Lowesville's property tax rates offer a more affordable option than the national median property tax rate of 0.99%, providing some relief for homeowners. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Lowesville Tax Bill
$437
Average Amherst County Tax Bill
$778
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22922 | $280 | $391 | $437 | $1,487 | $1,709 |
Source: Ownwell