The City of Lexington contracts to reassess real property every three or four years. The most current reassessment went into effect July 1, 2022. The current tax rate is $.92 per $100. A Real Property and/or Personal Property Tax Exemption must be filed with the Commissioner of the Revenue's Office in order to have property that was not exempted before December 31, 2002, considered for exemption by Lexington City Council. The City of Lexington offers tax exemption on rehabilitated commercial or industrial buildings that qualify. You can view the City of Lexington's real estate by accessing VamaNet (Virginia Mass Appraisal Network).