22503 Property Tax Rate

Property owners in ZIP code 22503 (Lancaster, Virginia) pay a median of $1,272/year in property taxes on homes valued at $257,300. This translates to an effective tax rate of 0.49%, which is 27% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 22503 is approximately $106, which factors into escrow payments on mortgages. This ZIP code is located within Lancaster County. This is $971 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 22503 has lower property taxes. ZIP codes with similar effective rates include 24477 (0.49%) and 24569 (0.49%).

In Lancaster, property taxes represent approximately 1.8% of the median household income of $70,993, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Lancaster County assesses and collects local taxes only, with no reassessment penalty at sale beyond standard county valuation. Lancaster County offers a circuit breaker tax relief program for seniors and disabled residents, plus a Land Use Taxation classification for agricultural property — apply with the Lancaster County Assessor if you qualify by income and age. File exemption applications with the Lancaster County Assessor within 30 days of closing to ensure correct property assessment.