Lacey Spring, Virginia Property Taxes
The median property tax rate in Lacey Spring, VA is 0.68%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $160,300, the typical annual property tax bill in Lacey Spring amounts to $1,090, well below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Lacey Spring's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're situated in the heart of Lacey Spring or another part of Rockingham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lacey Spring, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,090
Ownwell’s Lacey Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacey Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacey Spring to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lacey Spring, Virginia
Property taxes in Lacey Spring, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacey Spring is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Lacey Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacey Spring 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 Lacey Spring's effective property tax rate to other areas in Rockingham County and the national median. For comparison, the zip code 22833 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Lacey Spring provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacey Spring Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacey Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22833 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Lacey Spring, Virginia
In Lacey Spring, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Rockingham 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. In Lacey Spring, assessment notices 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 Lacey Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $1,090, are found in the zip code 22833.
Property Tax Assessment Values Across Lacey Spring, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average Lacey Spring Assessed Value
$160,300
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacey Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22833 | $140,380 | $147,850 | $160,300 | $172,750 | $180,220 |
Source: Ownwell
Property Tax Bills Across Lacey Spring, Virginia
In Lacey Spring, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in Lacey Spring is $160,300, and the property tax rate is applied to this assessed value to determine the annual tax bill. Homeowners can expect to pay a median tax bill of approximately $1,090, which is lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made. For example, homes in the 25th percentile pay around $1,005, while those in the 75th percentile pay about $1,175. Properties in the 90th percentile can see tax bills as high as $1,225. These property taxes fund essential public services such as schools, road maintenance, and emergency services, directly impacting the quality of life for residents. Homeowners should be aware of these factors as they can significantly affect their annual expenses.
Average Lacey Spring Tax Bill
$1,090
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacey Spring, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22833 | $955 | $1,005 | $1,090 | $1,175 | $1,225 |
Source: Ownwell