Reva, Madison County, Virginia Property Taxes
The median property tax rate in REVA, 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 REVA at $232,000, the typical annual property tax bill amounts to $1,672, falling below the national median of $2,690. Property taxes in REVA 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 REVA'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 REVA or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reva, Madison County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,717
$1,593
Ownwell’s REVA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REVA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REVA 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 Reva, Madison County, Virginia
Property taxes in Reva, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reva is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Reva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reva 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 Reva's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22735 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Reva 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 Reva 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 Reva, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22735 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Reva, Madison County, Virginia
In REVA, 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 Assessment Office 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 REVA, 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. For instance, the median home price in REVA is $232,000, with tax bills ranging from $1,134 at the 25th percentile to $2,980 at the 90th percentile. Being aware of these valuation processes in REVA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Reva, Madison County, Virginia
Source: Ownwell
$124,600
$193,550
$262,500
Average Reva Assessed Value
$232,000
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 Reva, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22735 | $123,620 | $157,400 | $232,000 | $316,200 | $414,940 |
Source: Ownwell
Property Tax Bills Across Reva, Madison County, Virginia
In Reva, located in Madison County, VA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors and reflects the market value of the home. Homeowners in Reva typically see tax bills that vary significantly, depending on the assessed value of their property. For instance, the median home price in Reva is $232,000. Tax bills can range widely, with the 25th percentile at $1,134 and the 75th percentile reaching $2,255. At the 90th percentile, homeowners might see tax bills as high as $2,980. The highest median tax bill reported in the area is $1,672, which is consistent across the zip code 22735. Comparatively, Reva's property tax rates are competitive when looking at the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual financial planning and the overall cost of homeownership in the region.
Average Reva Tax Bill
$1,672
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Reva, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22735 | $892 | $1,134 | $1,672 | $2,255 | $2,980 |
Source: Ownwell