Lexington County Property Reassessment in 2025

News Summary

Lexington County is preparing for a significant property reassessment in 2025, which will affect local homeowners. This process occurs every five years and follows Virginia state law to analyze property values based on recent transactions. With home values increasing noticeably, residents will receive notices regarding their property’s new valuation in spring 2025. Homeowners can appeal any reassessment they find inaccurate. The county aims to ensure a fair assessment process and is working with state officials to provide transparency and mitigate tax burdens during this transition.

Lexington County Set for Property Reassessment: What You Need to Know

In just a couple of years, Lexington County residents will find themselves in the middle of a big change regarding their property values and taxes. The county is gearing up to finalize its property reassessment process come 2025, and it’s something that homeowners should definitely keep an eye on. Here’s what you need to know as we head into this important period for property owners.

Regular Reassessments and What They Mean for You

Every five years, Virginia state law mandates a property reassessment, which means it’s time for Lexington County to step up and take a good look at property values again. The last time this happened was back in 2020, and the upcoming assessment will take into consideration all the property transactions that occurred throughout 2024. Residents will soon receive their notices, which will hit mailboxes during the spring of 2025, detailing how much their property is now worth.

Home Values Skyrocket

Now, you may have heard that home values in Lexington County have been on the rise. That’s an understatement! The median home sale price jumped from roughly $150,000 in early 2020 to around $400,000 by late 2022. This dramatic increase is largely attributed to heightened demand coupled with a limited housing supply. Local government restrictions on development have only added to the pinch, making it a competitive market for buyers and sellers alike.

What Happens to Your Property’s Value?

15%, which provides a cushion for homeowners who might be worried about sudden tax hikes.

Understanding the Tax Calculation

Got Concerns? You Can Appeal!

90 days to file your appeal if you think your new value is too high. If you still aren’t satisfied after that, homeowners can escalate their appeals either to the board of assessment appeals or even take the matter to court. This gives you a chance to stand your ground and ensure you’re paying a fair amount.

Working Together for a Fair Process

Keep an Eye on Your Mailbox

So, as Lexington County gears up for this massive property reassessment, stay informed, stay prepared, and make sure you know what’s happening with your property and taxes.

Deeper Dive: News & Info About This Topic

HERE Resources

Rising Property Values and Tax Implications in Lexington County
Lexington County Residents Brace for Property Tax Changes
Lexington County Housing Boom on the Horizon
Lexington County Proposes 193 New Homes to Combat Housing Shortage
Lexington Prepares for Rising Property Values and Taxes
Lexington County Residents Prepare for 2025 Home Value Reassessment Amid Rising Property Prices

Additional Resources

• The State: Lexington County Homes
• Wikipedia: Property Tax
• WLTX: Westwood Estates Foreclosure
• Google Search: Lexington County Property Reassessment
• SC Daily Gazette: Mega Millions & Developers
• Encyclopedia Britannica: Property Assessment
• WBTV: Tire Manufacturer Expansion
• Google News: South Carolina Housing Market

Author: HERE Lexington