Lottsburg, Virginia Property Taxes
The median property tax rate in Lottsburg, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Lottsburg at $230,700, the typical annual property tax bill is $1,398, falling well below the national median of $2,690. Property taxes in Lottsburg are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lottsburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lottsburg or another part of Northumberland County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lottsburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,407
$1,306
Ownwell’s Lottsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lottsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lottsburg 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 Lottsburg, Virginia
Property taxes in Lottsburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lottsburg stands at 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Lottsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lottsburg 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 Lottsburg's effective property tax rate to other areas within Northumberland County and the national median. For comparison, the zip code 22511 has both the highest and lowest median property tax rate in the region at 0.61%. Understanding how these areas compare with Lottsburg provides valuable insights into the varying tax landscape across Northumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lottsburg Tax Rate
0.61%
Average Northumberland County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lottsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22511 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Lottsburg, Virginia
In Lottsburg, 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 Northumberland 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 Lottsburg, 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 Lottsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1398, both found in zip code 22511.
Average Lottsburg Assessed Value
$230,700
Average Northumberland County Assessed Value
$188,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lottsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22511 | $47,040 | $105,300 | $230,700 | $369,300 | $500,920 |
Source: Ownwell
Property Tax Bills Across Lottsburg, Virginia
In Lottsburg, Northumberland County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Lottsburg is $230,700, and the property tax rate is applied to this value to determine the tax bill. Factors such as property size, location, and condition are considered during the assessment process. Homeowners in Lottsburg can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $636, while the 75th percentile reaches up to $2,245. At the 90th percentile, tax bills can be as high as $3,049. These variations highlight the influence of property values and assessments on tax obligations. Compared to the national median property tax rate of 0.99%, Lottsburg's property taxes can have a noticeable impact on homeowners' finances, particularly those with higher-valued properties. Understanding these factors can help homeowners better anticipate their annual property tax responsibilities.
Average Lottsburg Tax Bill
$1,398
Average Northumberland County Tax Bill
$1,131
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Lottsburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22511 | $278 | $636 | $1,398 | $2,245 | $3,049 |
Source: Ownwell