Lebanon, Virginia Property Taxes
The median property tax rate in Lebanon, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lebanon at $102,800, the typical annual property tax bill reaches $648, which is well below the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lebanon'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 Lebanon or another part of Russell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lebanon, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$648
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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 Lebanon, Virginia
Property taxes in Lebanon, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24266 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Lebanon provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
0.63%
Average Russell County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24266 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Virginia
In Lebanon, 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 Russell 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 Lebanon, 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24266, at $648, which is also the lowest.
Average Lebanon Assessed Value
$102,800
Average Russell County Assessed Value
$78,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24266 | $40,700 | $65,550 | $102,800 | $144,950 | $204,020 |
Source: Ownwell
Property Tax Bills Across Lebanon, Virginia
In Lebanon, 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 instance, the median home price in Lebanon is $102,800. Homeowners in this area can expect to pay property taxes ranging from $413 at the 25th percentile to $913 at the 75th percentile, with the 90th percentile reaching up to $1,285. These figures show a range of tax burdens depending on the value of the property. The property tax rate in Lebanon is influenced by various factors including local government budgets, public service funding, and school district needs. Compared to the national median property tax rate of 0.99%, Lebanon's rates can be considered relatively moderate. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense and can impact the overall affordability of owning a home.
Average Lebanon Tax Bill
$648
Average Russell County Tax Bill
$497
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24266 | $256 | $413 | $648 | $913 | $1,285 |
Source: Ownwell