Brightwood, Virginia Property Taxes
The median property tax rate in Brightwood, VA is 0.74%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Brightwood at $215,800, the typical annual property tax bill amounts to $1,577, falling below the national median of $2,690. Property taxes in Brightwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brightwood'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 Brightwood or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brightwood, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,597
Ownwell’s Brightwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brightwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brightwood 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 Brightwood, Virginia
Property taxes in Brightwood, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brightwood is 0.74%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Brightwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brightwood 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 Brightwood's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22715 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Brightwood 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 Brightwood 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 Brightwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22715 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Brightwood, Virginia
In Brightwood, 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 Brightwood, 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 Brightwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Brightwood, the zip code with the highest median tax bill is 22715 at $1,577, which is notably higher than the national median property tax rate of 0.99%.
Average Brightwood Assessed Value
$215,800
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 Brightwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22715 | $122,950 | $159,975 | $215,800 | $310,950 | $418,600 |
Source: Ownwell
Property Tax Bills Across Brightwood, Virginia
In Brightwood, VA, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and is meant to reflect the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. Several factors can influence the assessed value, including the size and condition of the property, recent sales of similar homes in the area, and any improvements or renovations made to the property. Homeowners in Brightwood can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,180, while the 75th percentile tax bill is approximately $2,250. At the higher end, the 90th percentile tax bill reaches up to $3,039. These property tax bills can have a substantial impact on homeowners, influencing decisions about buying, selling, and improving properties. Compared to the national median property tax rate of 0.99%, Brightwood's tax rates and resulting bills can be a crucial factor in financial planning for residents.
Average Brightwood Tax Bill
$1,577
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Brightwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22715 | $899 | $1,180 | $1,577 | $2,250 | $3,039 |
Source: Ownwell