Locust Dale, Madison County, Virginia Property Taxes
The median property tax rate in Locust Dale, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Locust Dale at $262,500, the typical annual property tax bill is $1,963, falling below the national median of $2,690. Property taxes in Locust Dale are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Locust Dale'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 Locust Dale or another part of Madison County, a good grasp of the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Locust Dale, Madison County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,943
$1,803
Ownwell’s Locust Dale Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Locust Dale with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Locust Dale to provide an accurate estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities effectively. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property's assessed value, assigned by Madison County for property tax calculations, includes any applicable exemptions.
Property Tax Rates Across Locust Dale, Madison County, Virginia
Property taxes in Locust Dale, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Dale is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Locust Dale set these rates annually, and they can vary across different neighborhoods. Each year, Locust Dale 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 Locust Dale's effective property tax rate to other counties in Virginia and the national median. For comparison, the ZIP code 22948 has the highest median property tax rate of 0.74%, while the same ZIP code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Locust Dale 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 Locust Dale 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 Locust Dale, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22948 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Locust Dale, Madison County, Virginia
In Locust Dale, 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 Locust Dale, 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 Locust Dale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in the area is 22948, with a median tax bill of $1963.
Property Tax Assessment Values Across Locust Dale, Madison County, Virginia
Source: Ownwell
$124,600
$193,550
$262,500
Average Locust Dale Assessed Value
$262,500
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 Locust Dale, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22948 | $132,720 | $174,375 | $262,500 | $345,900 | $433,020 |
Source: Ownwell
Property Tax Bills Across Locust Dale, Madison County, Virginia
In Locust Dale, Madison County, VA, property tax bills are determined based on the assessed value of a home, which is often a percentage of the market value. Homeowners in this region see a range of property tax bills that reflect the home's assessed value and the local tax rate. The median home price in Locust Dale is $262,500, and tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,298, while the 75th percentile tax bill is approximately $2,512. At the higher end, the 90th percentile tax bill reaches up to $3,204. These figures highlight how property taxes can impact homeowners differently depending on their property's valuation. The local tax rate and the assessed value are crucial factors in determining the final tax bill. Compared to the national median property tax rate of 0.99%, Locust Dale's property tax rates suggest a moderate impact on homeowners, making it essential for residents to understand their tax obligations and potential exemptions.
Average Locust Dale Tax Bill
$1,963
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Dale, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22948 | $1,038 | $1,298 | $1,963 | $2,512 | $3,204 |
Source: Ownwell