Lovingston, Virginia Property Taxes
The median property tax rate in Lovingston, VA is 0.65%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lovingston at $164,600, the typical annual property tax bill is $981, which is well below the national median of $2,690. Property taxes in Lovingston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lovingston'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 Lovingston 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
Lovingston, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,070
Ownwell’s Lovingston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovingston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovingston 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 Lovingston, Virginia
Property taxes in Lovingston, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovingston is 0.65%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Lovingston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovingston 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 Lovingston's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22949 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Lovingston provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovingston Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovingston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22949 | 0.33% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Lovingston, Virginia
In Lovingston, 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 Nelson County Assessor's Office 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 Lovingston, 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 Lovingston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22949 has the highest and lowest median tax bill at $981. By staying informed, homeowners can better manage their property tax obligations.
Average Lovingston Assessed Value
$164,600
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovingston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22949 | $10,000 | $40,350 | $164,600 | $287,350 | $465,240 |
Source: Ownwell
Property Tax Bills Across Lovingston, Virginia
In Lovingston, Nelson County, VA, property tax bills are determined based on the assessed value of a property and the local tax rate. The assessed value is an estimate of the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Lovingston is $164,600, and homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. For instance, the 25th percentile tax bill is around $223, while the 75th percentile tax bill rises to approximately $1,654. The highest tax bills, at the 90th percentile, can reach up to $2,469. Comparatively, the highest and lowest median tax bills in the area are both recorded at $981 in the 22949 zip code. These figures highlight the range of property tax burdens homeowners can face, influenced by property value assessments and local tax rates. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Lovingston Tax Bill
$981
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovingston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22949 | $44 | $223 | $981 | $1,654 | $2,469 |
Source: Ownwell