New Virginia, Madison County, Iowa Property Taxes

Name: Property Tax Bills Across New Virginia, Madison County, Iowa
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median New Virginia, IA effective property tax rate: 1.39%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%. Median New Virginia, IA home value: $258,150. Median annual New Virginia, IA tax bill: $3,396, $996 higher than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

Property taxes in New Virginia, IA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding New Virginia’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Virginia, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

New Virginia, Madison County, Iowa Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.39%

Estimate Property Tax Bill

$3,588

$3,330

Ownwell’s New Virginia Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Virginia with just two data points. By entering your property's estimated assessed value, our calculator applies New Virginia’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Virginia, Madison County, Iowa

Local government entities set tax rates, which can vary widely within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In New Virginia, located in Madison County, the effective property tax rate is notable when compared to other cities in Iowa. The median property tax rate in Iowa stands at 1.39%, which is above the national median of 1.02%. This indicates that property owners in New Virginia are likely to face higher tax bills compared to the national average. However, it's important to remember that these rates reflect the county's commitment to funding essential services for its residents. By understanding these dynamics, property owners can better navigate their tax responsibilities and explore potential savings through appeals and exemptions.

Property Tax Rates Across New Virginia, Madison County, Iowa

Source: Ownwell

1.17%

1.40%

1.62%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective New Virginia Tax Rate

1.39%

Median Effective Madison County Tax Rate

1.44%

Median Effective Iowa Tax Rate

1.54%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Virginia, Madison County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
50210	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across New Virginia, Madison County, Iowa

When examining property taxes in New Virginia, IA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Virginia. For example, the median home price in New Virginia is $258,150, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across New Virginia, Madison County, Iowa

Source: Ownwell

$27,000

$230,650

$434,300

Median New Virginia Market Value

$258,150

Median Madison County Market Value

$216,500

Median Iowa Market Value

$167,100

Median United States Market Value

$235,294

Property Tax Assessment Values Across New Virginia, Madison County, Iowa

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
50210	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across New Virginia, Madison County, Iowa

In New Virginia, located in Madison County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. With the median home price in New Virginia at $258,150, homeowners face property tax bills that can vary significantly. For instance, while the 25th percentile tax bill is $3,060, those in the 75th percentile pay around $3,888, and the 90th percentile reaches $4,555. These figures are notably higher than the national median property tax bill of $2,400. Such high property taxes can be a substantial financial burden for homeowners. Ownwell can assist by providing expert property tax appeal services, potentially reducing the assessed value of a home and, consequently, the tax bill. By leveraging local market insights and expert negotiation skills, Ownwell helps homeowners achieve significant savings on their property taxes, easing the financial strain.

Property Tax Bills Across New Virginia, Madison County, Iowa

Source: Ownwell

$373

$2,969

$5,564

Median New Virginia Tax Bill

$3,396

Median Madison County Tax Bill

$3,138

Median Iowa Tax Bill

$2,508

Median United States Tax Bill

$2,400

Property Tax Bills Across New Virginia, Madison County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
50210	N/A	N/A	N/A	N/A	N/A

Source: Ownwell