Madison, Virginia Property Taxes
The median property tax rate in Madison, VA is 0.74%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Madison at $217,500, the typical annual property tax bill amounts to $1,575, which is well below the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Madison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madison or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,610
Ownwell’s Madison Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison 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 Madison, Virginia
Property taxes in Madison, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison 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. Understanding how Madison compares with other regions provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison 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 Madison, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22727 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Virginia
In Madison, 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 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 Madison, 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 Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,575, found in the 22727 zip code.
Average Madison Assessed Value
$217,500
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 Madison, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22727 | $106,500 | $149,950 | $217,500 | $303,100 | $397,600 |
Source: Ownwell
Property Tax Bills Across Madison, Virginia
In Madison, VA, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Madison can expect their tax bills to vary significantly based on their property's value and the specific tax rate applied. For example, the median home price in Madison is $217,500. Tax bills in this area range widely, with the 25th percentile at $1,075 and the 75th percentile at $2,192. At the higher end, the 90th percentile tax bill reaches $2,878. The highest and lowest median tax bills in Madison are both $1,575, indicating a relatively consistent tax burden within certain areas. When compared to the national median property tax rate of 0.99%, Madison's rates are competitive, providing a balanced approach to funding local services while maintaining affordability for homeowners. This calculation process ensures that property taxes are fairly distributed, reflecting the value and location of each property.
Average Madison Tax Bill
$1,575
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22727 | $773 | $1,075 | $1,575 | $2,192 | $2,878 |
Source: Ownwell