Property Taxes in Lafayette, Virginia
Median Lafayette, Virginia effective property tax rate: 0.75%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Lafayette, Virginia home value: $128,150
Median annual Lafayette, Virginia tax bill: $961, lower than the national median property tax bill of $2,400.
How are property taxes in Montgomery calculated?
Property taxes in Lafayette, Virginia 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 Lafayette's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lafayette, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Lafayette Property Tax Calculator Work?
Use this Lafayette property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Lafayette's median effective tax rate of 0.75% — based on actual property records in Montgomery County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment system uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Lafayette's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Lafayette: rates range from $961 in 24087 to $961 in 24087, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Lafayette.
About Lafayette Property Taxes
About Property Taxes in Lafayette, Montgomery, Virginia
Lafayette's median effective property tax rate of 0.75% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Montgomery County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Lafayette. Homeowners in the 24087 ZIP code carry a median effective rate of 0.75%, while those in the lowest ZIP also pay 0.75%. This spread reflects how school district boundaries and local assessment districts are drawn across Montgomery County. Understanding which part of Lafayette you live in can make a meaningful difference to your annual tax bill.
Lafayette homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before June 1, 2026.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Lafayette, Montgomery County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because 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 Lafayette's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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 Lafayette Tax Rate
0.75%
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 Montgomery County Tax Rate
0.75%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Lafayette, Montgomery County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24087 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Montgomery County, Virginia
When examining property taxes in Lafayette, Virginia, 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 Montgomery County assessment office 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 Montgomery County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month.
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 Lafayette.
For example, the median home price in Lafayette is $128,150, with tax bills ranging significantly across the county. Zip code 24087 has the highest median home price at $128,150.
Property Tax Assessment Values Across Lafayette, Montgomery County, Virginia
Source: Ownwell
$128,150
$226,725
$325,300
Median Lafayette Market Value
$128,150
Median Montgomery County Market Value
$252,100
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Lafayette, Montgomery County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24087 | $43,930 | $79,700 | $128,150 | $175,400 | $262,580 |
Source: Ownwell
Property Tax Bills Across Lafayette, Montgomery County, Virginia
Property tax bills in Lafayette are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value of the property. For homeowners, the bill depends on both the value of the home and the tax rate set by local taxing authorities. Because assessed values can change over time, a homeowner’s property tax bill may rise even if the tax rate stays the same.
In Lafayette, the median home price is $128,150, and the median property tax bill is $961.00. That amount is below the national median property tax bill of $2,400 and far below the national median property tax rate of 1.02%. Bills can vary widely, with the 25th percentile at $598 and the 75th percentile at $1,316. This means two similar homes can face very different tax bills depending on their assessed value and location within Montgomery County.
Median Lafayette Tax Bill
$961
Median Montgomery County Tax Bill
$1,892
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Lafayette, Montgomery County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24087 | $329 | $598 | $961 | $1,316 | $1,969 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | December 1 |
Links | |
|---|---|
| Montgomery Tax Assessor | |
| Website | realestate.montva.com |