Drakes Branch, Lunenburg County, Virginia Property Taxes
Median Drakes Branch, VA effective property tax rate: 0.38%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Drakes Branch, VA home value: $107,000
Median annual Drakes Branch, VA tax bill: $408, $1,992 lower than the national median property tax bill of $2,400.
How are property taxes in Lunenburg calculated?
Property taxes in Drakes Branch, 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 Drakes Branch’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Drakes Branch, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Drakes Branch, Lunenburg County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.33%
Estimate Property Tax Bill
$451
$418
Property Tax Rates Across Drakes Branch, Lunenburg County, Virginia
Local government entities set tax rates, and these can vary significantly within a state. Each year, counties estimate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. While voting and legislation play roles in setting these rates and budgets, this is essentially the annual process.
In Drakes Branch, located in Charlotte County, VA, the effective property tax rate stands at 0.38%. This is considerably lower than the national median property tax rate of 1.02%. Homeowners in Drakes Branch benefit from a lower tax burden compared to many other regions in the U.S. The median property tax bill in this area is also significantly below the national median of $2,400, offering further financial relief to residents. Comparing Drakes Branch to other cities in Virginia, residents enjoy one of the more favorable property tax environments in the state. This lower tax rate can be particularly attractive for those looking to reduce their annual expenses.
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 Drakes Branch Tax Rate
0.33%
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 Lunenburg County Tax Rate
0.33%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Drakes Branch, Lunenburg County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |
Source: Ownwell
Property Tax Assessment Values Across Drakes Branch, Lunenburg County, Virginia
When examining property taxes in Drakes Branch, 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 Lunenburg 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 Lunenburg County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Drakes Branch. For example, the median home price in Drakes Branch is $107,000, with tax bills ranging significantly across the county. Zip code 23937 has the highest median home price at $107,000.
Property Tax Assessment Values Across Drakes Branch, Lunenburg County, Virginia
Source: Ownwell
$91,950
$141,800
$191,650
Median Drakes Branch Market Value
$136,600
Median Lunenburg County Market Value
$105,900
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Drakes Branch, Lunenburg County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | $30,260 | $82,900 | $136,600 | $222,500 | $328,200 |
Source: Ownwell
Property Tax Bills Across Drakes Branch, Lunenburg County, Virginia
Median Drakes Branch Tax Bill
$456
Median Lunenburg County Tax Bill
$353
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Drakes Branch, Lunenburg County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23937 | $112 | $275 | $456 | $735 | $1,083 |
Source: Ownwell