Lambsburg, Virginia Property Taxes
The median property tax rate in Lambsburg, VA is 0.59%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $64,400 in Lambsburg, the typical annual property tax bill amounts to $387, which is well below the national median of $2,690. Property taxes in Lambsburg are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lambsburg'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 Lambsburg or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lambsburg, 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 Lambsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lambsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lambsburg 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 Carroll County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lambsburg, Virginia
Property taxes in Lambsburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lambsburg is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Lambsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lambsburg 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 Lambsburg's effective property tax rate to other areas in Carroll County and the national median. For comparison, the zip code 24351 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Lambsburg provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lambsburg Tax Rate
0.59%
Average Carroll County Tax Rate
0.59%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lambsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24351 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Lambsburg, Virginia
In Lambsburg, 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 Carroll 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 Lambsburg, 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 Lambsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24351 has the highest and lowest median tax bill, both at $387.
Average Lambsburg Assessed Value
$64,400
Average Carroll County Assessed Value
$88,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lambsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24351 | $13,530 | $26,475 | $64,400 | $101,175 | $159,950 |
Source: Ownwell
Property Tax Bills Across Lambsburg, Virginia
Property tax bills in Lambsburg, Carroll County, VA, are determined based on the assessed value of a property and the local tax rate. The assessed value is an estimate of the property's market value set by the county assessor. Lambsburg has a median home price of $64,400, which serves as a basis for calculating the tax bill. The tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property characteristics, location, and any applicable exemptions or deductions. In Lambsburg, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $161, while at the 75th percentile, it rises to $598. The 90th percentile tax bill reaches $947, indicating a broad range in tax liabilities among homeowners. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated helps in financial planning and ensures they are prepared for their annual obligations.
Average Lambsburg Tax Bill
$387
Average Carroll County Tax Bill
$526
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lambsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24351 | $83 | $161 | $387 | $598 | $947 |
Source: Ownwell