Lexington, Virginia Property Taxes
The median property tax rate in Lexington, VA is 0.92%, slightly lower than the national median of 0.99% but higher than the Virginia state median of 0.89%. With the median home value in Lexington at $234,196, the typical annual property tax bill amounts to $2,136, which is below the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lexington'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 Lexington 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
Lexington, 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 assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lexington using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. 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 Lexington, Virginia
Property taxes in Lexington, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24450 zip code has the highest median property tax rate of 0.92%, while the same 24450 zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Lexington provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.92%
Average Lexington County Tax Rate
0.92%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24450 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Virginia
In Lexington, 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 local 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lexington is $234,196, with the highest and lowest median tax bills both at $2,136 in the 24450 zip code.
Average Lexington Assessed Value
$234,196
Average Lexington County Assessed Value
$234,196
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24450 | $129,704 | $167,970 | $234,196 | $336,059 | $460,432 |
Source: Ownwell
Property Tax Bills Across Lexington, Virginia
In Lexington, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Lexington's property tax rate is compared to the national median property tax rate of 0.99%, providing a perspective on local tax burdens. Homeowners in Lexington experience a range of tax bills. For instance, the 25th percentile tax bill is $1,529, while the 75th percentile reaches $3,103, and the 90th percentile can go up to $4,301. The median home price in Lexington is $234,196, which influences the overall tax bill. Factors such as property location, home size, and market conditions are considered in determining the assessed value. High property taxes can significantly impact homeowners by increasing their annual expenses. Conversely, lower taxes can make homeownership more affordable. Understanding these elements helps residents anticipate their financial obligations and make informed decisions about their property investments.
Average Lexington Tax Bill
$2,136
Average Lexington County Tax Bill
$2,136
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24450 | $1,172 | $1,529 | $2,136 | $3,103 | $4,301 |
Source: Ownwell