Martinsville, Virginia Property Taxes
The median property tax rate in Martinsville, VA is 0.99%, aligning with the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $54,300 in Martinsville, the typical annual property tax bill is $527, significantly lower than the national median of $2,690. Property taxes in Martinsville are calculated based on the tax assessed value, which often falls below the market value due to 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
0.99%
Estimate Property Tax Bill
$538
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 0.99%, which aligns with 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 zip code 24112 has both the highest and lowest median property tax rate of 0.99%. Understanding how these figures compare with Martinsville provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsville Tax Rate
0.99%
Average Martinsville County Tax Rate
0.99%
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 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
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 local 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 zip code with the highest median tax bill is 24112, with a median tax bill of $527.
Average Martinsville Assessed Value
$54,300
Average Martinsville County Assessed Value
$54,300
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 | $20,000 | $31,300 | $54,300 | $93,050 | $181,100 |
Source: Ownwell
Property Tax Bills Across Martinsville, Virginia
In Martinsville, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the city’s tax assessor, who evaluates the property to estimate its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Martinsville, the median home price is $54,300. Property tax bills vary significantly, with the 25th percentile at $309 and the 75th percentile at $885. The 90th percentile of tax bills reaches up to $1,662, indicating a wide range of tax obligations depending on property values. The highest and lowest median tax bills within the city are both $527, showing a level of consistency across different zip codes. Compared to the national median property tax rate of 0.99%, Martinsville's rates can be considered relatively moderate. Homeowners need to be aware of these assessments, as they directly impact their annual financial planning and overall cost of homeownership.
Average Martinsville Tax Bill
$527
Average Martinsville County Tax Bill
$527
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 | $198 | $309 | $527 | $885 | $1,662 |
Source: Ownwell