Oakpark, Madison County, Virginia Property Taxes
The median property tax rate in Oakpark, VA is 0.74%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $201,100 in Oakpark, the typical annual property tax bill amounts to $1,465, falling below the national median of $2,690. Property taxes in Oakpark are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Oakpark'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 Oakpark or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakpark, Madison County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,488
$1,381
Ownwell’s Oakpark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakpark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakpark 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 Oakpark, Madison County, Virginia
Property taxes in Oakpark, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakpark is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Oakpark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakpark 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 Oakpark's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22730 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Oakpark 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 Oakpark 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 Oakpark, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22730 | 0.65% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Oakpark, Madison County, Virginia
In Oakpark, 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 Oakpark, 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 Oakpark is $201,100, with tax bills ranging from $1,125 at the 25th percentile to $3,248 at the 90th percentile. The highest and lowest median tax bills both stand at $1,465 in zip code 22730. 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 Oakpark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Oakpark, Madison County, Virginia
Source: Ownwell
$124,600
$193,550
$262,500
Average Oakpark Assessed Value
$201,100
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 Oakpark, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22730 | $130,470 | $156,100 | $201,100 | $286,550 | $438,960 |
Source: Ownwell
Property Tax Bills Across Oakpark, Madison County, Virginia
In Oakpark, located in Madison County, VA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Oakpark can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $1,125, the 75th percentile at $2,120, and the 90th percentile reaching $3,248. These figures highlight the range of property tax obligations within the community. The median home price in Oakpark is $201,100, which helps to contextualize these tax bills. Compared to the national median property tax rate of 0.99%, Oakpark's property tax rates can be seen as competitive, offering a relatively moderate tax burden for homeowners. Factors such as property improvements, neighborhood developments, and changes in the real estate market can influence the assessed value, thereby affecting the annual tax bill. Understanding these elements can help homeowners anticipate and manage their property tax expenses effectively.
Average Oakpark Tax Bill
$1,465
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakpark, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22730 | $965 | $1,125 | $1,465 | $2,120 | $3,248 |
Source: Ownwell