Lexington city, Virginia property tax
The median homeowner in Lexington city, Virginia pays $2,378 a year in property tax on a home worth $275,300, an effective rate of 0.86%. The national effective rate is 0.98%.
What the rate means here
Lexington city taxes property at 0.86%, within a rounding error of the national 0.98%. The median bill of $2,378 therefore tracks the median home value of $275,300 fairly directly, which is not true everywhere.
It ranks #24 of 129 Virginia counties by effective rate, against a statewide 0.74%, and #1,331 nationally. The state runs from 1.14% in Manassas Park city down to 0.40% in Prince Edward County.
The median home costs 3.07 times the median household income of $89,598, close to the national 3.86. Incomes here run above the national median, which is what keeps that ratio ordinary despite the house prices. This is a small rural county of 7,420 people. Five-year survey estimates for places this size carry wide margins of error, so treat the figures as approximate.
The rate is derived rather than quoted. How and why.
What that costs at different home values
Arithmetic at the county effective rate, before any exemption or assessment cap.
Housing and income
| Lexington city | Virginia | United States | |
|---|---|---|---|
| Effective property tax | 0.86% | 0.74% | 0.98% |
| Median tax bill | $2,378 | $2,686 | $2,969 |
| Median home value | $275,300 | $360,700 | $303,400 |
| Median gross rent | $985 | $1,514 | $1,348 |
| Median household income | $89,598 | $90,974 | $78,538 |
| Home price to income | 3.07× | 3.96× | 3.86× |
| Rent as share of income | 13.19% | 19.97% | 20.6% |
| Owner-occupied | 51.67% | 67.18% | 65.02% |
Source: U.S. Census Bureau, American Community Survey 2023 five-year estimates. Population 7,420.
Nearby counties of similar size
| County | Rate | Median bill | Home value |
|---|---|---|---|
| Rappahannock County | 0.57% | $2,787 | $490,200 |
| Galax city | 0.76% | $962 | $126,800 |
| Charles City County | 0.60% | $1,354 | $224,100 |
| King and Queen County | 0.52% | $1,261 | $240,900 |
| Franklin city | 0.74% | $1,677 | $227,200 |
Lexington city property tax: common questions
What is the property tax rate in Lexington city, Virginia?
The effective rate is 0.86% of home value, from a median tax bill of $2,378 against a median home value of $275,300. That is 0.12 points below the national 0.98%.
How much is property tax on a $400,000 home in Lexington city?
Roughly $3,440 a year at the county effective rate of 0.86%.
Is Lexington city expensive compared with the rest of Virginia?
It ranks #24 of 129 Virginia counties by effective property tax rate, and #1331 of 2,826 nationally. That is 0.12 points above the Virginia average of 0.74%.
What does housing cost in Lexington city?
The median home is worth $275,300 and median gross rent is $985 a month. Median household income is $89,598, which puts the home at 3.07 times annual income and rent at 13.19% of it.