Lexington, Lexington County, Virginia Property Taxes

Name: Property Tax Bills Across Lexington, Lexington County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lexington, VA effective property tax rate: 0.92%, slightly lower than the national median of 1.02%, but higher than the Virginia state median of 0.89%.
Median Lexington, VA home value: $234,196
Median annual Lexington, VA tax bill: $2,136, $264 lower than the national median property tax bill of $2,400.

How are property taxes in Lexington calculated?

Property taxes in Lexington, 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 Lexington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lexington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lexington, Lexington County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.92%

Estimate Property Tax Bill

$2,155

$1,999

Ownwell’s Lexington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, our calculator applies Lexington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Lexington. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lexington, Lexington County, Virginia

Local government entities set tax rates, which can vary widely within a state. This is because each county annually 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 Lexington’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

Property Tax Rates Across Lexington, Lexington County, Virginia

Source: Ownwell

0.92%

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 Lexington Tax Rate

0.92%

Median Effective Lexington County Tax Rate

0.92%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lexington, Lexington County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24450	0.92%	0.92%	0.92%	0.92%	0.92%

Source: Ownwell

Property Tax Assessment Values Across Lexington, Lexington County, Virginia

When examining property taxes in Lexington, 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 Lexington 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. Assessment notices: In Lexington County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Lexington. For example, the median home price in Lexington is $234,196, with tax bills ranging significantly across the county. Zip code 24450 has the highest median home price at $234,196.

Property Tax Assessment Values Across Lexington, Lexington County, Virginia

Source: Ownwell

$234,196

Median Lexington Market Value

$234,196

Median Lexington County Market Value

$234,196

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lexington, Lexington County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24450	$129,704	$167,970	$234,196	$336,059	$460,432

Source: Ownwell

Property Tax Bills Across Lexington, Lexington County, Virginia

In Lexington, VA, property tax bills are determined based on the assessed value of a home. The local government assesses properties to establish their taxable value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors influencing the assessed value include the property's location, size, and market conditions. Homeowners in Lexington can expect a median tax bill of $2,136, which is slightly below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,529 and the 90th percentile reaching $4,301. This variation underscores the importance of ensuring your property is accurately assessed. High tax bills can place a financial burden on homeowners, making it crucial to explore potential savings. Ownwell assists homeowners by identifying discrepancies in property assessments and filing appeals to correct overvaluations. By leveraging Ownwell's expertise, homeowners can potentially reduce their tax obligations, ensuring they pay only their fair share.

Property Tax Bills Across Lexington, Lexington County, Virginia

Source: Ownwell

$2,136

Median Lexington Tax Bill

$2,136

Median Lexington County Tax Bill

$2,136

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Lexington, Lexington County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24450	$1,172	$1,529	$2,136	$3,103	$4,301

Source: Ownwell