Property Taxes in Lexington, Virginia
Median Lexington, Virginia effective property tax rate: 0.61%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Lexington, Virginia home value: $272,100
Median annual Lexington, Virginia tax bill: $1,540, lower than the national median property tax bill of $2,400.
How are property taxes in Rockbridge calculated?
Property taxes in Lexington, 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 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 April 13, 2026
How Does the Lexington Property Tax Calculator Work?
Use this Lexington property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Lexington's median effective tax rate of 0.61% — based on actual property records in Rockbridge County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Lexington's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Lexington's median effective property tax rate is lower than Virginia's 0.90% median and below the 1.02% national median property tax rate. The median property tax bill is $1,540, which is $860 lower than the state median bill and below the $2,400 national median property tax bill.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Lexington.
About Lexington Property Taxes
About Property Taxes in Lexington, Rockbridge, Virginia
Lexington's median effective property tax rate of 0.61% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Rockbridge 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 Lexington. Homeowners in ZIP code 24450 carry a median effective rate of 0.61%, while those in 24450 pay 0.61%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Rockbridge County. Understanding which part of Lexington you live in can make a meaningful difference to your annual tax bill.
Lexington homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
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 Lexington, Rockbridge 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 Lexington'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 Lexington Tax Rate
0.61%
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 Rockbridge County Tax Rate
0.61%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Lexington, Rockbridge County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24450 | 0.45% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Rockbridge County, Virginia
When examining property taxes in Lexington, 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 Rockbridge 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 Rockbridge County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 $272,100, with tax bills ranging significantly across the county. 24450 has the highest median home price at $272,100.
Property Tax Assessment Values Across Lexington, Rockbridge County, Virginia
Source: Ownwell
$123,400
$252,550
$381,700
Median Lexington Market Value
$272,100
Median Rockbridge County Market Value
$223,900
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Lexington, Rockbridge County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24450 | $113,500 | $173,800 | $272,100 | $418,300 | $598,000 |
Source: Ownwell
Property Tax Bills Across Lexington, Rockbridge County, Virginia
Property tax bills in Lexington 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, that means the bill can change when the assessed value changes, even if the home itself has not been sold. Factors such as location, property characteristics, and local assessment practices all play a role in determining the final amount.
With a median home price of $272,100, Lexington homeowners often see tax bills that vary widely depending on where their property falls within the local market. The 25th percentile tax bill is $979, while the 75th percentile is $2,372 and the 90th percentile reaches $3,340. The median tax bill in the area is $1,540, which is below the national median property tax bill of $2,400. For many homeowners, understanding how assessed value and local rates work is key to anticipating annual property tax costs.
Median Lexington Tax Bill
$1,540
Median Rockbridge County Tax Bill
$1,269
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Lexington, Rockbridge County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24450 | $543 | $979 | $1,540 | $2,372 | $3,340 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | December 15 |
Links | |
|---|---|
| Rockbridge Tax Assessor | |
| Website | eservices.rockbridgecountyva.gov |