Pennington Gap, Lee County, Virginia Property Taxes
Property Taxes in Pennington Gap, Virginia
Median Pennington Gap, Virginia effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Pennington Gap, Virginia home value: $45,500
Median annual Pennington Gap, Virginia tax bill: $341, $2,059 lower than the national median property tax bill of $2,400.
How are property taxes in Lee calculated?
Property taxes in Pennington Gap, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Pennington Gap's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Pennington Gap, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Pennington Gap, Lee County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.74%
Estimate Property Tax Bill
$337
$312
How Does the Pennington Gap Property Tax Calculator Work?
Use this Pennington Gap property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Pennington Gap's median effective tax rate of 0.74% — based on actual property records in Lee County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Pennington Gap's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Pennington Gap: rates range from 0.74% in 24277 to 0.74% in 24277, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Pennington Gap.
About Pennington Gap Property Taxes
About Property Taxes in Pennington Gap, Lee, Virginia
Pennington Gap’s median effective property tax rate of 0.74% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Lee County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Pennington Gap. Homeowners in the 24277 ZIP code carry a median effective rate of 0.74%, while those in the same ZIP also pay 0.74%. This reflects how school district boundaries and local assessment districts are drawn across Lee County. Understanding which part of Pennington Gap you live in can make a meaningful difference to your annual tax bill.
Pennington Gap homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before June 30, 2025.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Pennington Gap, Lee County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Pennington Gap's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Pennington Gap Tax Rate
0.74%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lee County Tax Rate
0.74%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Pennington Gap, Lee County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Pennington Gap, Lee County, Virginia
When examining property taxes in Pennington Gap, Virginia, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Lee County tax office estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Lee County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Pennington Gap.
For example, the median home price in Pennington Gap is $45,500, with tax bills ranging significantly across the county. 24277 has the highest median home price at $45,500.
Property Tax Assessment Values Across Pennington Gap, Lee County, Virginia
Source: Ownwell
$16,000
$38,425
$60,850
Median Pennington Gap Market Value
$45,500
Median Lee County Market Value
$50,900
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Pennington Gap, Lee County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | $11,100 | $25,250 | $45,500 | $78,300 | $112,340 |
Source: Ownwell
Property Tax Bills Across Pennington Gap, Lee County, Virginia
Property tax bills in Pennington Gap are calculated by applying the local tax rate to the assessed value of a home, which is based on market conditions and the property’s characteristics. For homeowners, that means the bill can change when home values rise or when the assessment is updated.
In Pennington Gap, the median home price is $45,500, and the median property tax bill is $341. That is well below the national median property tax bill of $2,400 and below the national median property tax rate of 1.02%. Bills can still vary widely from home to home, with the 25th percentile at $191 and the 75th percentile at $584. Higher-value or more favorably assessed homes may face larger tax bills, while lower-assessed homes may pay less. For homeowners, property taxes are an ongoing cost that can affect monthly budgets and long-term affordability.
Median Pennington Gap Tax Bill
$341
Median Lee County Tax Bill
$380
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Pennington Gap, Lee County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24277 | $85 | $191 | $341 | $584 | $864 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 30 |
Links | |
|---|---|
| Lee Tax Assessor | |
| Website | corpac.leecova.org |