24502 Property Tax Rate

Property owners in ZIP code 24502 (Lynchburg, Virginia) pay a median of $1,512/year in property taxes on homes valued at $214,300. This translates to an effective tax rate of 0.71%, which is 5% above the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24502 is approximately $126, which factors into escrow payments on mortgages. This ZIP code is located within Lynchburg city. This is $731 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24502 has higher property taxes. ZIP codes with similar effective rates include 23310 (0.70%) and 22406 (0.71%).

In Lynchburg, property taxes represent approximately 2.3% of the median household income of $66,027, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Lynchburg city assesses and collects all property taxes locally, with no automatic reassessment at sale unless the assessor initiates a revaluation cycle. The Land Use Taxation program provides significant relief for agricultural land, and the Circuit Breaker program offers tax credits for elderly and disabled residents meeting income limits. Contact the Lynchburg City Assessor's office immediately after purchase to confirm your property's assessment and inquire about Circuit Breaker eligibility if you qualify by age (65+), disability status, or low income.