Lynchburg, Virginia Property Taxes
The median property tax rate in Lynchburg, VA is 0.89%, which aligns with the state median but is slightly below the national median of 0.99%. With the median home value in Lynchburg at $178,300, the typical annual property tax bill amounts to $1,582, which is lower than the national median of $2,690. Property taxes in Lynchburg are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Lynchburg'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 Lynchburg 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
Lynchburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,587
$1,473
Ownwell’s Lynchburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynchburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynchburg 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 Lynchburg, Virginia
Property taxes in Lynchburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 0.89%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24501 has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Lynchburg provides valuable insights into the varying tax landscape across Lynchburg, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynchburg Tax Rate
0.89%
Average Lynchburg County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynchburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24501 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| 24502 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| 24503 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| 24504 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, Virginia
In Lynchburg, 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 Lynchburg, 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 Lynchburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in zip code 24503 is $2,429, while the lowest in zip code 24504 is $668.
Average Lynchburg Assessed Value
$178,300
Average Lynchburg County Assessed Value
$178,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynchburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24501 | $52,800 | $74,500 | $112,100 | $164,400 | $208,740 |
| 24502 | $123,400 | $155,500 | $195,300 | $236,500 | $284,540 |
| 24503 | $116,900 | $200,600 | $273,400 | $387,750 | $549,300 |
| 24504 | $32,600 | $48,500 | $77,650 | $131,000 | $210,000 |
Source: Ownwell
Property Tax Bills Across Lynchburg, Virginia
In Lynchburg, VA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the city's tax assessor, who evaluates the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $178,300, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $984, while those in the 75th percentile could face a tax bill of approximately $2,151. The highest median tax bill in Lynchburg is found in the 24503 zip code, amounting to $2,429, whereas the lowest is in the 24504 zip code, at $668. These variations can significantly impact homeowners, influencing their financial planning and potentially affecting property values. Understanding these factors is crucial for homeowners to manage their budgets effectively and anticipate future tax obligations.
Average Lynchburg Tax Bill
$1,582
Average Lynchburg County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24501 | $466 | $657 | $991 | $1,456 | $1,850 |
| 24502 | $1,089 | $1,376 | $1,735 | $2,101 | $2,528 |
| 24503 | $1,040 | $1,784 | $2,429 | $3,451 | $4,889 |
| 24504 | $275 | $418 | $668 | $1,159 | $1,869 |
Source: Ownwell