Lexington County, Virginia Property Taxes
The median property tax rate in Lexington is 0.92%, which is slightly lower than the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value in Lexington, the typical annual property tax bill is $2,136, which is below the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lexington's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Lexington or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lexington County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,155
$1,999
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lexington with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lexington 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 Lexington County, Virginia
Property taxes in Lexington play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly between different areas within the county. Each year, Lexington 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 Lexington's effective property tax rate with the national median. For comparison, the city of Lexington has a tax rate of 0.92%, which is consistent across the county. Analyzing how Lexington's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lexington County Tax Rate
0.92%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Lexington County, Virginia
In Lexington, 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 Lexington 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 Lexington 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. Lexington's median home price is $234,196, with tax bills ranging from $1,529 at the 25th percentile to $4,301 at the 90th percentile. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Lexington will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Lexington County, Virginia
Source: Ownwell
$234,196
$234,196
$234,196
Average Lexington County Assessed Value
$234,196
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Lexington County, Virginia
In Lexington County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the county's property tax rate to determine the annual tax bill. For instance, with a median home price of $234,196, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Several factors influence the assessed value, including the home's size, age, location, and condition. For homeowners in Lexington County, the 25th percentile tax bill stands at $1,529, while the 75th percentile reaches $3,103. At the 90th percentile, tax bills can go up to $4,301. These figures highlight the range of property tax bills within the county. Compared to the national median property tax rate of 0.99%, Lexington County presents a diverse range of tax bills, reflecting the varying property values and tax rates within the county. Homeowners should be aware of these factors as they significantly impact their annual financial obligations.
Average Lexington County Tax Bill
$2,136
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690