Lively, Virginia Property Taxes
The median property tax rate in Lively, VA is 0.63%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lively, the typical annual property tax bill amounts to $937, well below the national median of $2,690. Property taxes in Lively are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lively'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 Lively or another part of Lancaster County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lively, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$937
Ownwell’s Lively Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lively with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lively 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 Lively, Virginia
Property taxes in Lively, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lively is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Lively set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lively 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 Lively's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22507 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Lively 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 Lively 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 Lively, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22507 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lively, Virginia
In Lively, 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 Lively, 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. The median home price in Lively is $148,800, with tax bills ranging from $554 at the 25th percentile to $1,212 at the 90th percentile. The highest and lowest median tax bill in the area is $937, found in zip code 22507. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lively Assessed Value
$148,800
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 Lively, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22507 | $73,860 | $88,000 | $148,800 | $157,850 | $192,340 |
Source: Ownwell
Property Tax Bills Across Lively, Virginia
In Lively, Lancaster County, VA, 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 county assessor’s office and reflects the market value of the property. Homeowners in Lively experience varying tax bills, influenced by factors such as property size, location, and improvements. For instance, the median home price in Lively is $148,800. Property tax bills can range significantly, with the 25th percentile paying around $554 and the 75th percentile paying about $994. Those in the 90th percentile might see bills as high as $1,212. The median tax bill in the area is $937, which is below the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, emergency services, and infrastructure, impacting homeowners by contributing to the overall quality of life in the community. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations.
Average Lively Tax Bill
$937
Average Lancaster County Tax Bill
$1,042
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lively, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22507 | $465 | $554 | $937 | $994 | $1,212 |
Source: Ownwell