Lynchburg, Virginia Property Taxes
The median property tax rate in Lynchburg, VA is 0.45%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $222,200 in Lynchburg, the typical annual property tax bill is around $1,003, which is well below the national median of $2,690. Property taxes in Lynchburg are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lynchburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lynchburg or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynchburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,000
$928
Ownwell’s Lynchburg Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lynchburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynchburg to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in trends on a neighborhood level, more localized information is available further down the page. Your property’s assessed value is the value assigned by Campbell County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lynchburg, Virginia
Property taxes in Lynchburg, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 0.45%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24501 zip code has the highest median property tax rate of 0.45%, while the same 24501 zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Lynchburg 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 Lynchburg 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 Lynchburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24501 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| 24502 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| 24504 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lynchburg, Virginia. 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 Campbell 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 Lynchburg, 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 highest median tax bill is $1,033 in zip code 24502, while the lowest median tax bill is $891 in zip code 24501. 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 Lynchburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lynchburg Assessed Value
$222,200
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 Lynchburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24501 | $72,920 | $134,800 | $198,100 | $265,200 | $329,460 |
| 24502 | $141,000 | $190,300 | $229,000 | $271,000 | $326,420 |
| 24504 | $83,660 | $140,275 | $212,350 | $288,850 | $375,340 |
Source: Ownwell
Property Tax Bills Across Lynchburg, Virginia
In Lynchburg, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Lynchburg see a range of property tax bills, with the 25th percentile at $752 and the 75th percentile at $1,227. The 90th percentile tax bill reaches up to $1,501. Several factors influence these tax bills, including the home's location within the city, the condition of the property, and any improvements made. The highest median tax bill in the area is $1,033 in the 24502 zip code, while the lowest median tax bill is $891 in the 24501 zip code. These property taxes impact homeowners by contributing to the overall cost of owning a home and can influence decisions about purchasing property in different areas of the city. Compared to the national median property tax rate of 0.99%, Lynchburg's property tax rates can vary significantly, affecting affordability and long-term financial planning for residents.
Average Lynchburg Tax Bill
$1,003
Average Campbell County Tax Bill
$848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24501 | $341 | $612 | $891 | $1,197 | $1,481 |
| 24502 | $644 | $863 | $1,033 | $1,220 | $1,472 |
| 24504 | $372 | $631 | $952 | $1,299 | $1,689 |
Source: Ownwell