Lancaster County, Virginia Property Taxes
The median property tax rate in Lancaster County is 0.63%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $195,250 in Lancaster County, the typical annual property tax bill reaches $1,042, far below the national median of $2,690. Property taxes in Lancaster County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lancaster County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Kilmarnock or another part of Lancaster County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lancaster County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,230
$1,141
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lancaster with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lancaster to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lancaster County, Virginia
Property taxes in Lancaster play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 0.63%, 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 between different areas within the county. Each year, Lancaster estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lancaster's effective property tax rate with other counties and the national median. For comparison, the city of Heathsville has a median tax rate of 0.63%, which is the same as Lancaster's. Analyzing how Lancaster's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lancaster County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Heathsville | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Irvington | N/A | N/A | N/A | N/A | N/A |
| Kilmarnock | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Lancaster | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Lively | N/A | N/A | N/A | N/A | N/A |
| Merry Point | N/A | N/A | N/A | N/A | N/A |
| Mollusk | N/A | N/A | N/A | N/A | N/A |
| Morattico | N/A | N/A | N/A | N/A | N/A |
| Weems | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| White Stone | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster County, Virginia
In Lancaster County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lancaster County Appraisal District. The assessed value, however, 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. Assessment notices in Lancaster County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Morattico has the highest median tax bill at $3,233, while Heathsville has the lowest at $478. Being aware of these valuation processes in Lancaster County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Lancaster County, Virginia
Source: Ownwell
$79,150
$187,900
$296,650
Average Lancaster County Assessed Value
$195,250
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Heathsville | $13,100 | $26,675 | $79,150 | $132,400 | $216,220 |
| Irvington | N/A | N/A | N/A | N/A | N/A |
| Kilmarnock | $68,300 | $107,400 | $147,400 | $198,900 | $282,800 |
| Lancaster | $35,880 | $79,900 | $155,400 | $358,500 | $543,660 |
| Lively | N/A | N/A | N/A | N/A | N/A |
| Merry Point | N/A | N/A | N/A | N/A | N/A |
| Mollusk | N/A | N/A | N/A | N/A | N/A |
| Morattico | N/A | N/A | N/A | N/A | N/A |
| Weems | $56,220 | $88,550 | $205,200 | $517,950 | $770,800 |
| White Stone | $65,780 | $125,325 | $296,650 | $586,375 | $821,530 |
Source: Ownwell
Property Tax Bills Across Lancaster County, Virginia
In Lancaster County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and property improvements. Homeowners in Lancaster County experience a range of property tax bills. The 25th percentile tax bill is $503, while the 75th percentile reaches $2,417. At the higher end, the 90th percentile tax bill is $4,029. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local rates stack up against the broader national landscape. For instance, the highest median tax bill in the county is $3,233 in Morattico, while the lowest is $478 in Heathsville. These variations highlight the importance of property location and value in determining tax obligations, significantly impacting homeowners' annual expenses.
Average Lancaster County Tax Bill
$1,042
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Heathsville | $78 | $137 | $478 | $823 | $1,362 |
| Irvington | N/A | N/A | N/A | N/A | N/A |
| Kilmarnock | $396 | $655 | $917 | $1,242 | $1,749 |
| Lancaster | $182 | $483 | $948 | $2,222 | $3,362 |
| Lively | N/A | N/A | N/A | N/A | N/A |
| Merry Point | N/A | N/A | N/A | N/A | N/A |
| Mollusk | N/A | N/A | N/A | N/A | N/A |
| Morattico | N/A | N/A | N/A | N/A | N/A |
| Weems | $319 | $545 | $1,267 | $3,220 | $4,856 |
| White Stone | $388 | $763 | $1,773 | $3,642 | $5,124 |
Source: Ownwell