Martinsville, Virginia Property Taxes
The median property tax rate in Martinsville, VA is 0.56%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Martinsville at $75,250, the typical annual property tax bill reaches $417, well below the national median of $2,690. Property taxes in Martinsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Martinsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Martinsville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Martinsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$421
Ownwell’s Martinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsville 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 Martinsville, Virginia
Property taxes in Martinsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsville is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Martinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsville 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 Martinsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24112 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Martinsville provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsville Tax Rate
0.56%
Average Henry County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24112 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Virginia
In Martinsville, 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 Henry 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 Martinsville, 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 Martinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Martinsville is $75,250, with tax bills ranging from $270 at the 25th percentile to $1,007 at the 90th percentile. The highest and lowest median tax bills are both $417 in the 24112 zip code.
Average Martinsville Assessed Value
$75,250
Average Henry County Assessed Value
$71,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martinsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24112 | $24,100 | $48,775 | $75,250 | $110,025 | $181,510 |
Source: Ownwell
Property Tax Bills Across Martinsville, Virginia
In Martinsville, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Martinsville can expect a median property tax bill of $417, which aligns with the median home price of $75,250 in the area. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, homeowners in the 25th percentile pay around $270, while those in the 75th percentile pay approximately $610. At the 90th percentile, tax bills can reach up to $1,007. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Martinsville residents experience relatively moderate property tax bills, making it an attractive location for homeowners.
Average Martinsville Tax Bill
$417
Average Henry County Tax Bill
$396
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24112 | $134 | $270 | $417 | $610 | $1,007 |
Source: Ownwell