Lafayette, Montgomery County, Virginia Property Taxes
Median LAFAYETTE, VA effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median LAFAYETTE, VA home value: $128,150
Median annual LAFAYETTE, VA tax bill: $897, $1,503 lower than the national median property tax bill of $2,400.
How are property taxes in Montgomery calculated?
Property taxes in LAFAYETTE, 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 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 March 1, 2025
Lafayette, Montgomery County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.75%
Estimate Property Tax Bill
$961
$892
Property Tax Rates Across Lafayette, Montgomery County, Virginia
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates the budget required to provide essential services and divides that figure by the total value of all taxable property in its area, determining the property tax rate. Although votes and laws play a role in setting these rates and budgets, this process is essentially how property taxes are calculated each year.
In Lafayette, located in 51121, VA, the effective property tax rate is a reflection of this process. Compared to other cities in Virginia, Lafayette's property tax rate is notably below the national median property tax rate of 1.02%. This may offer some tax relief to property owners in the area.
While the median property tax bill in Lafayette is less than the national median of $2,400, property owners should be aware that rates can fluctuate based on changes in county budgets and property values. Understanding these dynamics can help homeowners anticipate potential changes in their property tax obligations.
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
1.02%
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, 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 Montgomery 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 Montgomery 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 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
$235,294
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
Median Lafayette Tax Bill
$961
Median Montgomery County Tax Bill
$1,892
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
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