Lancaster, Virginia Property Taxes
The median property tax rate in Lancaster, 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 Lancaster at $73,600, the typical annual property tax bill is $449, well below the national median of $2,690. Property taxes in Lancaster are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lancaster'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 Lancaster 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
Lancaster, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$449
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancaster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancaster 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 Lancaster, Virginia
Property taxes in Lancaster, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Lancaster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancaster 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 Lancaster's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22503 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Lancaster provides valuable insights into the varying tax landscape across Northumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancaster Tax Rate
0.61%
Average Northumberland County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22503 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster, Virginia
In Lancaster, 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 Lancaster 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 Lancaster, 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. For instance, the median home price in Lancaster is $73,600, with 25th percentile tax bills at $271 and 75th percentile tax bills at $924. The highest and lowest median tax bills are both $449, found in zip code 22503. 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 Lancaster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lancaster Assessed Value
$73,600
Average Northumberland County Assessed Value
$188,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22503 | $24,300 | $44,500 | $73,600 | $151,450 | $164,240 |
Source: Ownwell
Property Tax Bills Across Lancaster, Virginia
In Lancaster, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $73,600, homeowners can expect their tax bills to vary significantly. The tax bill for the 25th percentile is $271, while for the 75th percentile, it's $924, and for the 90th percentile, it reaches $1,002. These figures show that even within the same area, property tax bills can differ widely based on the assessed value of individual properties. The highest and lowest median tax bills in the county are both $449, indicating a consistent tax rate across different zip codes. Compared to the national median property tax rate of 0.99%, Lancaster’s property tax rates can be quite variable, affecting homeowners differently depending on their property’s assessed value. This variability underscores the importance of accurate property assessments and understanding local tax rates.
Average Lancaster Tax Bill
$449
Average Northumberland County Tax Bill
$1,131
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22503 | $148 | $271 | $449 | $924 | $1,002 |
Source: Ownwell