Lowesville, Virginia Property Taxes
The median property tax rate in Lowesville, VA is 0.37%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $373,100 in Lowesville, the typical annual property tax bill amounts to $1,367, well below the national median of $2,690. Property taxes in Lowesville are calculated based on the tax assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lowesville'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 Lowesville 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
Lowesville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$1,380
Ownwell’s Lowesville Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lowesville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lowesville to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, giving you a clearer financial picture. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by Nelson County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lowesville, Virginia
Property taxes in Lowesville, Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowesville is 0.37%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Lowesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowesville 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. Understanding how these cities compare with Lowesville 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 Lowesville Tax Rate
0.37%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22967 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Lowesville, Virginia
In Lowesville, 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 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 Lowesville, 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. The median home price in Lowesville is $373,100, and the median tax bill is $1,367, which is consistent across the highest and lowest zip codes, both being 22967. Being aware of these valuation processes in Lowesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lowesville Assessed Value
$373,100
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 Lowesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22967 | $373,100 | $373,100 | $373,100 | $373,100 | $373,100 |
Source: Ownwell
Property Tax Bills Across Lowesville, Virginia
In Lowesville, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. The median home price in Lowesville is $373,100. The tax rate is applied to this assessed value to determine the annual tax bill. For example, homeowners in the zip code 22967, which includes Lowesville, experience a median tax bill of $1,367. This figure remains consistent across various percentiles, including the 25th, 75th, and 90th percentiles, indicating a uniform tax rate application. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Lowesville's tax rate provides a relatively predictable financial obligation for homeowners, ensuring they can plan their budgets accordingly while contributing to the community's development and maintenance.
Average Lowesville Tax Bill
$1,367
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowesville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22967 | $1,367 | $1,367 | $1,367 | $1,367 | $1,367 |
Source: Ownwell