Madison Heights, Virginia Property Taxes
The median property tax rate in Madison Heights, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Madison Heights at $123,900, the typical annual property tax bill is $749, well below the national median of $2,690. Property taxes in Madison Heights 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 Madison Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Madison Heights 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
Madison Heights, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$756
Ownwell’s Madison Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison Heights 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 Madison Heights, Virginia
Property taxes in Madison Heights, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison Heights is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Madison Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison Heights 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 Madison Heights' effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 24572 has both the highest and lowest median property tax rates at 0.61%. Understanding how these areas compare with Madison Heights provides valuable insights into the varying tax landscape across Amherst County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Heights Tax Rate
0.61%
Average Amherst County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison Heights, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24572 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Madison Heights, Virginia
In Madison Heights, 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 Amherst 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 Madison Heights, 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 Madison Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Madison Heights is $123,900, with tax bills ranging from $504 at the 25th percentile to $1,386 at the 90th percentile. The highest and lowest median tax bill in the area is $749, found in the 24572 zip code.
Property Tax Assessment Values Across Madison Heights, Virginia
Source: Ownwell
$71,700
$117,875
$164,050
Average Madison Heights Assessed Value
$123,900
Average Amherst County Assessed Value
$130,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison Heights, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24572 | $52,600 | $85,200 | $123,900 | $164,400 | $231,620 |
Source: Ownwell
Property Tax Bills Across Madison Heights, Virginia
In Madison Heights, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. This assessed value is then multiplied by the property tax rate set by Amherst County to determine the tax bill. For instance, with a median home price of $123,900, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $504, while those in the 75th percentile can see bills as high as $997. The highest tax bills, in the 90th percentile, can reach up to $1,386. Several factors influence the tax bill, including changes in property values, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax burden in Madison Heights can be considered moderate. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Madison Heights Tax Bill
$749
Average Amherst County Tax Bill
$778
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison Heights, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24572 | $294 | $504 | $749 | $997 | $1,386 |
Source: Ownwell