Smith Mountain Lake Communities

Property taxes vary between Bedford and Franklin counties. In 2026, Bedford maintains a rate of $0.41 per $100. Franklin County recently proposed a rate of $0.43 to support infrastructure projects. Buyers should account for these annual costs when calculating their long-term mortgage payments and total property ownership expenses.

The 800-foot contour refers to the boundary managed by Appalachian Power surrounding the lake. Any construction or shoreline modification below this line requires specific AEP permits. This regulation ensures the hydroelectric project remains compliant with federal safety standards while protecting the delicate environmental health of the shoreline.

Short term rentals are permitted but require adherence to specific county ordinances. Franklin County mandates a yearly registration fee of $200 and limits occupancy to two adults per bedroom. Some private HOAs may have stricter prohibitions, so checking community bylaws is essential before purchasing an investment property here.

Families are served by the Bedford and Franklin County Public School districts. Notable institutions include Staunton River High and Franklin County High. For families seeking alternative education, the Smith Mountain Lake Christian Academy offers a private curriculum for hundreds of students and continues to expand its local campus.

Obtaining a dock permit involves submitting a detailed application to Appalachian Power. You must hire a licensed surveyor to ensure the structure adheres to size limits and the 1/3-of-the-cove rule. The process generally takes between thirty and ninety days to complete before any construction work can begin.

Retirees flock here for the low taxes, temperate climate, and vibrant social scene. Communities like The Waterfront provide active adult residents with golf courses, fitness centers, and social clubs. The region is ideal for those moving from the Northeast seeking a high quality of life and lower expenses.