Virginia
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P.O. Box 922, 24450
540-462-3700
fax: 540-463-5310
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TREASURER
REAL PROPERTY - TAXES
Real Estate Tax
Real estate taxes are assessed on all real property owned in
the City of Lexington, with the exception of property owned by
non-profit organizations. Real estate taxes are assessed by the
Commissioner of Revenue's office at a rate set by the Commissioner
of Revenue. Taxes are collected by the Treasurer's office twice
each year. Taxes are assessed for the full year, with the first
half of the tax amount due December 5 and the second half due
June 5.
Mortgage companies pay real estate taxes for property owners that
have an escrow with them. Each year mortgage companies request
from the Treasurer's office the real estate tax bills for which
they will be responsible. The City of Lexington cannot issue a
bill to a mortgage company unless it has been requested by that
company. Individuals receiving bills that are to be paid by a mortgage
company should send these bills directly to the mortgage company
with their loan number and ask that the company request future
bills directly from the City.
City Council adopts a tax rate for real estate tax each year when the budget is approved. Real estate taxes are collected in two installments, but may be paid at once if the taxpayer so desires. Bills for the first half are mailed about November 1, and are due December 5. Second half bills are mailed about May 1 and are due on June 5. A penalty of 10% is assessed if the bill is not paid by the due date. Interest at the rate of 10% per year accrues on unpaid balances. Bills are mailed to last known address. It is the taxpayer's responsibility to keep the Treasurer informed as to where the tax bill is to be mailed. Failure to receive a tax bill does not relieve the taxpayer of responsibility for paying their taxes on time.
If You Do Not Receive a Real Estate Tax Bill
Anyone who owns property or acquires additional property, excluding those with exemptions or deferrals or those who maintain an escrow account with a mortgage company, should receive a tax bill approximately four weeks prior to the due dates of June 5 and December 5. If you do not receive a bill, contact the Treasurer's Office before the due date at (540) 462-3707. The appropriate information can be given over the telephone. It is preferable, but not necessary to have the bill or a copy of the bill in order to make payment.
When You Purchase or Sell Real Property
Under Virginia law, real property is assessed for the entire year in the name of the owner as of January 1st of the year. The purchaser at a sale is required to see that the proceeds from the sale are applied at settlement to any taxes and levies assessed on the real estate. The liability is prorated between the buyer and the seller, but the lien which arises from a delinquency attaches to the land.
Changes in Address and/or Tax Billing Status
If there has been a change in your address, your loan is paid off or any other change pertaining to the tax billing status occurs, contact the Treasurer's Office at City Hall (540) 462-3707 so that the record can be updated and the bill mailed to the correct address.
Tax Relief
Lexington residents aged 65 or over and certain
disabled persons may be eligible for exemption and/or deferral
of real estate tax depending upon their annual income and assets
(not including the value of the home). Applications for tax relief
must be filed each year. Further information on the program is
available by calling the Commissioner of Revenue at (540) 462-3701.
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