Leon, Madison County, Virginia Property Taxes
The median property tax rate in Leon, VA is 0.74%, which is notably lower than the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Leon at $215,850, the typical annual property tax bill amounts to $1,556, falling below the national median of $2,690. Property taxes in Leon are determined based on the assessed value, which is often less than the market value due to various exemptions, including primary residence and agricultural exemptions. Gaining a thorough understanding of Leon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're residing in Leon or investing in real estate within the county, mastering the local property tax landscape will prove beneficial for both homeowners and investors alike.
Last Updated June 14, 2024
Leon, Madison County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,597
$1,482
Ownwell’s LEON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LEON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LEON 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 Leon, Madison County, Virginia
Property taxes in Leon, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leon is 0.82%, lower than the Virginia state median of 0.87% but slightly below the U.S. national median of 0.99%. Local government entities within Leon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leon 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 Leon's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in the county is 0.82% in the 22725 zip code, while the lowest median tax rate is also 0.82% in the same zip code. Understanding how these cities compare with Leon 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 Leon 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 Leon, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22725 | 0.67% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Leon, Madison County, Virginia
In Leon, 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 Leon, 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. The median home price in Leon is $215,850. The median tax bill ranges from $1,307 at the 25th percentile to $2,686 at the 90th percentile. The highest and lowest median tax bill in Leon is $1,556, found in zip code 22725. 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 Leon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Leon, Madison County, Virginia
Source: Ownwell
$124,600
$193,550
$262,500
Average Leon Assessed Value
$215,850
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 Leon, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22725 | $138,940 | $176,600 | $215,850 | $294,375 | $375,830 |
Source: Ownwell
Property Tax Bills Across Leon, Madison County, Virginia
In Leon, Madison County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property's market value. Homeowners in Leon typically see a range of property tax bills. For instance, the 25th percentile tax bill is around $1,307, while the 75th percentile tax bill reaches approximately $2,008. The 90th percentile tax bill can go up to $2,686. These figures highlight the variation in tax bills depending on property values and specific assessments. The median home price in Leon is $215,850, which helps determine the overall tax burden for homeowners. Compared to the national median property tax rate of 0.99%, Leon's property tax rate can significantly impact homeowners' annual financial planning. Higher property taxes can affect affordability and long-term investment in the region. Homeowners need to stay informed about their property's assessed value and any changes in local tax rates to manage their expenses effectively.
Average Leon Tax Bill
$1,556
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Leon, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22725 | $1,028 | $1,307 | $1,556 | $2,008 | $2,686 |
Source: Ownwell