Lincoln, Virginia Property Taxes
The median property tax rate in Lincoln, VA is 0.88%, slightly lower than the state median of 0.89% but still below the national median of 0.99%. With the median home value in Lincoln at $444,410, the typical annual property tax bill reaches $3,889, significantly higher than the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$3,911
Ownwell’s Lincoln Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lincoln, Virginia
Property taxes in Lincoln, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in Virginia and the national median. For comparison, the 20160 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these areas compare with Lincoln provides valuable insights into the varying tax landscape across Loudoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln Tax Rate
0.88%
Average Loudoun County Tax Rate
0.88%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20160 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Virginia
In Lincoln, 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 Loudoun 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 Lincoln, 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. For instance, in Lincoln, the highest and lowest median tax bills are both $3,889 in zip code 20160. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lincoln Assessed Value
$444,410
Average Loudoun County Assessed Value
$662,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20160 | $444,410 | $444,410 | $444,410 | $444,410 | $444,410 |
Source: Ownwell
Property Tax Bills Across Lincoln, Virginia
In Lincoln, located in Loudoun County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor's office and reflects the market value of the property. Homeowners in Lincoln can expect a median home price of $444,410. The property tax rate is applied to this assessed value to determine the annual tax bill. For many homeowners in Lincoln, property tax bills fall within a narrow range. The 25th, 75th, and 90th percentiles all report a tax bill of $3,889, which is significantly higher than the national median property tax rate of 0.99%. This uniformity in tax bills suggests a consistent assessment practice within the area. Higher property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability. However, these taxes are essential for funding local services such as schools, infrastructure, and public safety, which can enhance the quality of life in Lincoln.
Average Lincoln Tax Bill
$3,889
Average Loudoun County Tax Bill
$5,811
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20160 | $3,889 | $3,889 | $3,889 | $3,889 | $3,889 |
Source: Ownwell