Hood, Madison County, Virginia Property Taxes
The median property tax rate in Hood, VA is 0.74%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hood at $254,650, the typical annual property tax bill is $1,807, falling below the national median of $2,690. Property taxes in Hood 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 Hood'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 Hood 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
Hood, Madison County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,884
$1,749
Ownwell’s HOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOOD 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 Hood, Madison County, Virginia
Property taxes in HOOD, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in HOOD is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within HOOD set these rates annually, and they can vary significantly across different neighborhoods. Each year, HOOD 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 HOOD's effective property tax rate to other areas in Madison County and the national median. For comparison, the zip code 22723 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with HOOD 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 Hood 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 Hood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22723 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hood, Madison County, Virginia
In Hood, 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 Hood, 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 Hood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22723 has the highest and lowest median tax bill, both at $1,807.
Property Tax Assessment Values Across Hood, Madison County, Virginia
Source: Ownwell
$124,600
$193,550
$262,500
Average Hood Assessed Value
$254,650
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 Hood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22723 | $107,640 | $172,075 | $254,650 | $357,000 | $455,590 |
Source: Ownwell
Property Tax Bills Across Hood, Madison County, Virginia
Property tax bills in Hood, 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 and reflects the market value of the home. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. In Hood, the median home price is $254,650. Homeowners can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,184, while at the 75th percentile, it rises to $2,275. The 90th percentile tax bill can reach as high as $3,250. This variation depends on factors such as property size, location, and improvements. These property taxes are crucial for funding local services, including schools, infrastructure, and emergency services. Homeowners in Hood must budget for these expenses, which can be a significant part of annual homeownership costs. Compared to the national median property tax rate of 0.99%, Hood's rates reflect the unique economic and market conditions of the area.
Average Hood Tax Bill
$1,807
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22723 | $797 | $1,184 | $1,807 | $2,275 | $3,250 |
Source: Ownwell