Etlan, Virginia Property Taxes
The median property tax rate in Etlan, VA is 0.74%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Etlan at $233,050, the typical annual property tax bill reaches $1,645, well below the national median of $2,690. Property taxes in Etlan 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 Etlan'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 Etlan 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
Etlan, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,725
$1,600
Ownwell’s Etlan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Etlan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Etlan 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 Etlan, Virginia
Property taxes in Etlan, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Etlan is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Etlan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Etlan 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 Etlan's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22719 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Etlan 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 Etlan 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 Etlan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22719 | 0.63% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Etlan, Virginia
In Etlan, 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 Etlan, 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 Etlan 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 22719, with a value of $1,645.
Average Etlan Assessed Value
$233,050
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 Etlan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22719 | $123,040 | $169,000 | $233,050 | $322,200 | $483,420 |
Source: Ownwell
Property Tax Bills Across Etlan, Virginia
Property tax bills in Etlan, located in Madison County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value. Homeowners in Etlan can expect a median home price of $233,050. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill is around $1,243, while the 75th percentile tax bill reaches approximately $2,163. High-value properties may see tax bills as high as $3,425, which falls in the 90th percentile. Compared to the national median property tax rate of 0.99%, Etlan's tax bills reflect the region's specific economic and property market conditions. These tax obligations significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Etlan Tax Bill
$1,645
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Etlan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22719 | $896 | $1,243 | $1,645 | $2,163 | $3,425 |
Source: Ownwell