Lynch Station, Virginia Property Taxes
The median property tax rate in Lynch Station, VA is 0.45%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lynch Station, the typical annual property tax bill is $637, much less than the national median of $2,690. Property taxes in Lynch Station are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lynch Station'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 Lynch Station 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
Lynch Station, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$637
Ownwell’s Lynch Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynch Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynch Station 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 Lynch Station, Virginia
Property taxes in Lynch Station, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynch Station is 0.45%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Lynch Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynch Station 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 Lynch Station's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24571 zip code has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Lynch Station provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynch Station Tax Rate
0.45%
Average Campbell County Tax Rate
0.45%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynch Station, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24571 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Lynch Station, Virginia
In Lynch Station, 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 local 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 Lynch Station, 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 Lynch Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lynch Station is $141,550, with the highest and lowest median tax bills both recorded at $637 in the 24571 zip code.
Average Lynch Station Assessed Value
$141,550
Average Campbell County Assessed Value
$187,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynch Station, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24571 | $38,920 | $82,000 | $141,550 | $282,250 | $504,250 |
Source: Ownwell
Property Tax Bills Across Lynch Station, Virginia
In Lynch Station, located in Campbell County, VA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor’s office and reflects the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Lynch Station, the median home price is $141,550, with property tax bills varying significantly across different percentiles. For instance, at the 25th percentile, the tax bill is $369, while at the 75th percentile, it reaches $1,269. The 90th percentile sees tax bills as high as $2,269. These figures indicate that property taxes can have a considerable impact on homeowners, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Lynch Station’s tax rate provides a relative benchmark for understanding local tax burdens. Homeowners should be aware of these factors as they directly influence their annual financial obligations.
Average Lynch Station Tax Bill
$637
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynch Station, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24571 | $176 | $369 | $637 | $1,269 | $2,269 |
Source: Ownwell