Syria, Virginia Property Taxes
The median property tax rate in Syria, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Syria at $152,300, the typical annual property tax bill amounts to $1,103, significantly below the national median of $2,690. Property taxes in Syria are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Syria's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Syria or another part of Madison County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Syria, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,127
Ownwell’s Syria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Syria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Syria to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Syria, Virginia
Property taxes in Syria, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Syria is 0.74%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Syria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Syria estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Syria's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22743 zip code has the highest median property tax rate of 0.74%, while the same 22743 zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Syria provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Syria Tax Rate
0.74%
Average Madison County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Syria, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22743 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Syria, Virginia
In Syria, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Madison County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Syria, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Syria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 22743 has the highest and lowest median tax bill at $1,103.
Average Syria Assessed Value
$152,300
Average Madison County Assessed Value
$210,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Syria, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22743 | $68,200 | $101,150 | $152,300 | $231,850 | $312,780 |
Source: Ownwell
Property Tax Bills Across Syria, Virginia
In Syria, located in Madison County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $152,300. Homeowners' tax bills are determined by multiplying the assessed value by the local property tax rate. Factors such as the property's location, size, and improvements play a significant role in determining its assessed value. For instance, the tax bill for the 25th percentile is $746, while for the 75th percentile, it's $1667, and for the 90th percentile, it reaches $2256. These figures illustrate the variability in tax bills depending on property values. The highest and lowest median tax bills in the area both stand at $1103, specifically in the 22743 zip code. Compared to the national median property tax rate of 0.99%, these figures highlight the impact of local assessments on homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Syria Tax Bill
$1,103
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Syria, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22743 | $497 | $746 | $1,103 | $1,667 | $2,256 |
Source: Ownwell