24426 Property Tax Rate

Property owners in ZIP code 24426 (Covington, Virginia) pay a median of $969/year in property taxes on homes valued at $113,600. This translates to an effective tax rate of 0.85%, which is 27% above the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24426 is approximately $81, which factors into escrow payments on mortgages. This ZIP code is located within Alleghany County. This is $1,274 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24426 has lower property taxes. ZIP codes with similar effective rates include 23224 (0.85%) and 20105 (0.86%).

In Covington, property taxes represent approximately 1.9% of the median household income of $51,841, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Alleghany County performs all assessments locally without automatic reassessment at sale. Alleghany County provides circuit breaker relief for seniors 65+ and disabled homeowners below income threshold, plus Land Use Taxation for agricultural property. Contact the Alleghany County Assessor within 30 days of closing to apply for available relief programs and verify your assessment.