Lanexa, James City County, Virginia Property Taxes
The median property tax rate in Lanexa, VA is 0.83%, which is lower than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Lanexa at $246,350, the typical annual property tax bill reaches $2,007, falling below the national median of $2,690. Property taxes in Lanexa 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 Lanexa'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 Lanexa 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
Lanexa, James City County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,045
$1,897
Ownwell’s Lanexa Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lanexa using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Lanexa to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Lanexa, James City County, Virginia
Property taxes in Lanexa, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanexa is 0.83%, lower than the U.S. national median of 0.99%. Local government entities within Lanexa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanexa 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 Lanexa's effective property tax rate to other areas in James City County and the national median. For comparison, the zip code 23089 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Lanexa provides valuable insights into the varying tax landscape across James City County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lanexa Tax Rate
0.83%
Average James City County Tax Rate
0.83%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanexa, James City County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23089 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Lanexa, James City County, Virginia
In Lanexa, 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 James City 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 Lanexa, 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 Lanexa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2007, found in the 23089 zip code.
Property Tax Assessment Values Across Lanexa, James City County, Virginia
Source: Ownwell
$246,350
$299,225
$352,100
Average Lanexa Assessed Value
$246,350
Average James City County Assessed Value
$333,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lanexa, James City County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23089 | $112,900 | $173,575 | $246,350 | $373,225 | $514,070 |
Source: Ownwell
Property Tax Bills Across Lanexa, James City County, Virginia
Property tax bills in Lanexa, located in James City County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the home. For instance, the median home price in Lanexa is $246,350. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Lanexa can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $1,374, while the 75th percentile tax bill is $3,034. At the higher end, the 90th percentile tax bill reaches $4,197. The median tax bill in Lanexa stands at $2,007, which is slightly above the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Lanexa Tax Bill
$2,007
Average James City County Tax Bill
$2,739
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanexa, James City County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23089 | $773 | $1,374 | $2,007 | $3,034 | $4,197 |
Source: Ownwell