Pennington Gap, Lee County, Virginia Property Taxes
Median Pennington Gap, VA effective property tax rate: 0.62%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Pennington Gap, VA home value: $45,200
Median annual Pennington Gap, VA tax bill: $283, $2,117 lower than the national median property tax bill of $2,400.
How are property taxes in Lee County calculated?
Property taxes in Pennington Gap, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Pennington Gap’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Pennington Gap, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Pennington Gap, Lee County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.74%
Estimate Property Tax Bill
$337
$312
Property Tax Rates Across Pennington Gap, Lee County, Virginia
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Pennington Gap’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S. Pennington Gap, located in Lee County, has a median property tax rate of 0.62%, which is significantly lower than the national median of 1.02%. This rate is also consistent across the county, as both the highest and lowest median tax rates in the area are 0.62%. This lower rate can be appealing to property owners looking to minimize their tax burden compared to other regions. Understanding these differences can help property owners make informed decisions about where to invest or settle, taking into account the potential savings on property taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Pennington Gap Tax Rate
0.74%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lee County Tax Rate
0.74%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Pennington Gap, Lee County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Pennington Gap, Lee County, Virginia
When examining property taxes in Pennington Gap, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Lee County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Lee County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Pennington Gap. For example, the median home price in Pennington Gap is $45,200, with tax bills ranging significantly across the county. Zip code 24277 has the highest median home price at $45,200.
Property Tax Assessment Values Across Pennington Gap, Lee County, Virginia
Source: Ownwell
$16,000
$38,425
$60,850
Median Pennington Gap Market Value
$45,500
Median Lee County Market Value
$50,900
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Pennington Gap, Lee County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | $11,100 | $25,250 | $45,500 | $78,300 | $112,340 |
Source: Ownwell
Property Tax Bills Across Pennington Gap, Lee County, Virginia
Median Pennington Gap Tax Bill
$341
Median Lee County Tax Bill
$380
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Pennington Gap, Lee County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | $85 | $191 | $341 | $584 | $864 |
Source: Ownwell