Kilmarnock, Virginia Property Taxes
The median property tax rate in Kilmarnock, VA is 0.63%, which is considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Kilmarnock at $147,400, the typical annual property tax bill reaches $917, significantly below the national median of $2,690. Property taxes in Kilmarnock are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kilmarnock'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 Kilmarnock 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
Kilmarnock, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$929
$862
Ownwell’s Kilmarnock Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Kilmarnock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kilmarnock 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 Kilmarnock, Virginia
Property taxes in Kilmarnock, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Kilmarnock is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Kilmarnock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kilmarnock 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 Kilmarnock's effective property tax rate to other areas in Lancaster County and the national median. For comparison, the 22482 zip code has the highest median property tax rate of 0.63%, while it also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Kilmarnock provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kilmarnock Tax Rate
0.63%
Average Lancaster County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kilmarnock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22482 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Kilmarnock, Virginia
In Kilmarnock, 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 Kilmarnock, 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 tax bill in Kilmarnock is $917, with the 25th percentile at $655 and the 75th percentile at $1242. 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 Kilmarnock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kilmarnock Assessed Value
$147,400
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 Kilmarnock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22482 | $68,300 | $107,400 | $147,400 | $198,900 | $282,800 |
Source: Ownwell
Property Tax Bills Across Kilmarnock, Virginia
In Kilmarnock, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Lancaster County assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Kilmarnock is $147,400, and homeowners can expect their property tax bill to fall between $655 at the 25th percentile and $1,242 at the 75th percentile. The highest median tax bill in the area is $917, which is consistent across the zip code 22482. Several factors influence the assessed value, including the property's location, size, and condition, as well as market trends. For homeowners, this means that improvements or market fluctuations can directly impact their tax obligations. Compared to the national median property tax rate of 0.99%, Kilmarnock's property tax rates are competitive, offering homeowners a balanced approach to property taxation. This system ensures that property taxes are fairly distributed based on the value of each property, making it a crucial consideration for homeowners in managing their annual expenses.
Average Kilmarnock Tax Bill
$917
Average Lancaster County Tax Bill
$1,042
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Kilmarnock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22482 | $396 | $655 | $917 | $1,242 | $1,749 |
Source: Ownwell