Lanexa, Virginia Property Taxes
The median property tax rate in Lanexa, VA is 0.67%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $344,800 in Lanexa, the typical annual property tax bill amounts to $2,291, which is below the national median of $2,690. Property taxes in Lanexa are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lanexa'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 Lanexa or another part of New Kent County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lanexa, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Lanexa Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lanexa. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Lanexa to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county for tax calculations, includes any applicable exemptions, ensuring you get a precise estimate for your financial planning.
Property Tax Rates Across Lanexa, Virginia
Property taxes in Lanexa, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanexa is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Lanexa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanexa 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 Lanexa's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23089 zip code has the highest median property tax rate of 0.67%, while the same zip code also represents the lowest median tax rate of 0.67%. Understanding how these areas compare with Lanexa provides valuable insights into the varying tax landscape across New Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lanexa Tax Rate
0.67%
Average New Kent County Tax Rate
0.67%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanexa, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23089 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Lanexa, Virginia
In Lanexa, 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 New Kent 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 Lanexa, 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 Lanexa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lanexa is $2,291 in zip code 23089, while the lowest median tax bill is also $2,291 in the same zip code.
Average Lanexa Assessed Value
$344,800
Average New Kent County Assessed Value
$332,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lanexa, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23089 | $156,920 | $232,700 | $344,800 | $471,500 | $622,620 |
Source: Ownwell
Property Tax Bills Across Lanexa, Virginia
Property tax bills in Lanexa, New Kent County, VA, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the county's property assessor and is intended to reflect the property's market value. For instance, with a median home price of $344,800, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include the property's location, size, and any improvements made. In Lanexa, the tax bill at the 25th percentile is $1,527, while at the 75th percentile, it rises to $3,128, and at the 90th percentile, it reaches $4,150. These figures illustrate the potential range of property tax obligations homeowners might face. The highest and lowest median tax bill in the area is $2,291, reflecting the uniformity in assessed values within this specific zip code. Comparatively, the national median property tax rate is 0.99%, making Lanexa's property tax rates potentially more favorable, depending on individual assessments. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Lanexa Tax Bill
$2,291
Average New Kent County Tax Bill
$2,199
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanexa, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23089 | $1,025 | $1,527 | $2,291 | $3,128 | $4,150 |
Source: Ownwell